Tractor Supply powers through Q2
Tractor Supply Company continues to roll in 2020.
The Brentwood, Tenn.-based farm and ranch retailer reported second quarter sales jumped 35% to $3.18 billion compared to sales of $2.35 billion in the second quarter of 2019. Net sales for the first six months of 2020 are up 23% to $5.14 billion.
Comparable store sales for the second quarter were also strong, increasing 30.5%. The company said comp sales were driven by comparable transaction count and comparable average ticket increases of 14.6% and 15.8%.
Tractor Supply reported that all geographic regions of the company had robust comparable store sales growth while e-commerce sales experienced triple-digit sales growth.
An essential retailer throughout the COVID-19 crisis, Tractor Supply noted that it has witnessed strong consumer demand across all of its product categories with “customers focused on the care of their homes, land, and animals.”
Earnings for Tractor Supply soared as well with the company reporting that its second quarter net income increased 54.5% to $338.7 million from $219.2 million in the second quarter of 2019. Net income for the first six months of the year increased 42.7% to $422.5 million.
Tractor Supply opened 18 new stores and 3 new Petsense stores during the quarter, but also closed three Petsense locations. As of June 27, Tractor Supply operated 1,881 stores and 180 Petsense locations. The retailer opened a total of 38 new Tractor Supply stores in the first half of the year.
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The Bottom Line: Tractor Supply sales jump 35% to $3.18 billion in the second quarter as profits are up nearly 55% to $338.7 million.
What the CEO said: “As we attract new customers and gain market share, now is the time for us to build on Tractor Supply’s Out Here lifestyle assortment and convenient shopping format,” said Hal Lawton, president and CEO of Tractor Supply. “Over the last few months, we have successfully rolled out new technology and services such as curbside pickup, same day/next day delivery and our first-ever mobile app. We are excited today to announce our Field Activity Support Team (FAST) and several new technology and service enhancements that are being implemented across the enterprise”
Company info: The full second quarter 2020 report from Tractor Supply Compay can be read here.