Tractor Supply hits $2 billion in Q2
In a quarter that saw the opening of 14 new stores, and the closing of a Del’s store, Tractor Supply reported sales of $2.02 billion.
Comp-store sales increased 2.2% for the Brentwood, Tennessee-based retailer, as net income gained 2.7% to $160.6 million, up from $156.4 million in the same quarter last year.
In addition to the store expansion, the company pointed to positive sales trend across the board. And while weather dampened the company’s first quarter performance, the skies cleared in the second.
“With favorable weather conditions, we have seen continued strong demand for spring seasonal products into the early weeks of the third quarter, and we believe we are positioned to take advantage of an extended spring selling season,” said Greg Sandfort, CEO.
He added the company continues to execute on strategic initiatives that will drive sales and customer service – one of them being interconnected retailing.
“As the connection between our stores and online presence strengthens, we see evidence that our initiatives to provide our customers one seamless shopping experience are contributing to our top line results,” he said
In the first six months, net sales increased 7.9% to $3.58 billion, with a 0.2% gain in comps. Net income declined 1.4% in the first half of the year.
As of July 1, Tractor Supply operated 1,630 Tractor Supply stores and 160 Petsense stores.
Safety Works makes some new sales hires
Safety Works, Inc. has hired three new Key Account Managers to round out its sales force.
The new hires have over 60 years of combined experience to be distributed among the various retail channels at the company.
They include Mike Rosen for the Food & Drug Channel, Rich Allaire for the Hardware and Lawn & Garden Channels, and Dave Salomon for the direct to retail business.
“Our goal is to be the referenced leader in consumable personal safety products for all markets and channels," said Joe Milot, President of Protective Industrial Products, Inc. "Acquiring Safety Works gave us a foray into the retail space which everyone recognizes continues to converge with the professional market. Now with the addition of three new members to our sales team, we’ve accelerated our growth initiatives directed at General Merchandise, Drug Stores, Grocery, C-Stores and Lawn & Garden.”
“The timing could not be better for us," said Bill Verzole, Sales Manager. "We recently acquired three prominent glove brands in Brahma Glove, Mud Glove, and West County Glove to enhance our offering. Mike, Rich and Dave will help us strengthen our sales efforts and reach with our entire portfolio.”