Tractor Supply Company sales up 2.5 per cent

Tractor Supply Company, the largest rural lifestyle retailer in the United States, reported financial results for its fourth quarter and fiscal year, which ended on 30 December 2023. Net sales for the fourth quarter of 2023 decreased by 8.6 per cent to USD 3.66 bn (EUR 3.39 bn) compared with USD 4.01 bn (EUR 3.72 bn) in the fourth quarter of 2022. Comparable store sales decreased by 4.2 per cent, driven by a comparable average ticket decline of 1.5 per cent and a comparable average transaction count decline of 2.7 per cent. The company opened 19 new Tractor Supply stores and three new Petsense by Tractor Supply stores, and closed one Tractor Supply store during the fourth quarter of 2023.

For fiscal 2023, net sales increased by 2.5 per cent to USD 14.56 bn (EUR 13.51 bn) from USD 14.20 bn (EUR 13.17 bn) in fiscal 2022. Comparable store sales were on a par with the prior year versus a 6.3 per cent increase in fiscal 2022. During fiscal 2023, the company opened 70 new Tractor Supply stores and 13 new Petsense by Tractor Supply stores, and closed one Tractor Supply store and one Petsense by Tractor Supply store. In 2023, the company rebranded to Tractor Supply 81 Orscheln Farm and Home stores that it acquired in 2022.

The company is providing its financial guidance for fiscal 2024 as well. This outlook is based on what the company can reasonably predict at this time. For fiscal 2024, the company expects net sales between USD 14.7 bn (EUR 13.6 bn) and USD 15.1 bn (EUR 14.0 bn) with comparable store sales around plus 1 per cent to 1.5 per cent and an operating margin rate between 9.7 per cent and 10.1 per cent. Plans for 2024 also include opening a total of approximately 80 Tractor Supply stores, continuing Project Fusion remodels and garden centre transformations, completion of its tenth distribution centre and opening a total of 10 to 15 new Petsense by Tractor Supply stores.