Tractor Supply cultivates solid Q2
Comps are up 3.2% while the average ticket grew 2.2%.
Tractor Supply Company posted second quarter net sales of $2.35 billion, rising 6.3% from second quarter 2018 net sales of $2.21 billion.
Comparable store sales increased 3.2% for the quarter, driven by comp average ticket and transaction count increases of 2.2% and 1%, the Brentwood, Tenn.-based retailer reported.
Tractor Supply said all geographic regions of the company had positive comparable store sales growth with the increase in comp store sales primarily driven by strength in everyday merchandise, including consumable, usable and edible products, along with solid demand for spring and summer seasonal categories.
Net sales for the first six months of 2019 increased 7.2% to $4.18 billion from $3.9 billion in the first six months of 2018. Comparable store sales increased 4% compared to an increase of 4.7% in the first six months of 2018.
Net income increased 5.8% to $219.2 million in the quarter from $207.3 million in the second quarter of 2018. Net income increased 6.2% to $296 million from $278.7 million in the first six months of 2018.
During the quarter, the company opened 15 new Tractor Supply stores and one new Petsense store.
As of June 29, 2019, the retailer operated 1,790 Tractor Supply stores in 49 states and 177 Petsense stores in 26 states.
The bottom line: Second quarter sales rise 6.3% to $2.35 billion while earnings increase nearly 6% to $219.2 million.
What the CEO said: “For both the second quarter and first half of 2019, the Tractor Supply team delivered a very solid performance. For the quarter, comparable store sales growth of 3.2% was driven by improvements in our average ticket and positive comparable transaction counts, along with growth across all geographies,” said Greg Sandfort, CEO of Tractor Supply Company.
Company info: The full second quarter 2019 report from Tractor Supply can be found here.
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