Tractor Supply sales increase 2.9 per cent in the first quarter

Tractor Supply Company, the largest rural lifestyle retailer in the United States, reported financial results for its first quarter, which ended 30 March 2024. Net sales for the first quarter of 2024 increased 2.9 per cent to USD 3.39 bn (EUR 3.15 bn). The increase in net sales was driven by new store openings and growth in comparable store sales, according to the report. Comparable store sales increased 1.1 per cent, compared to an increase of 2.1 per cent in the prior year's first quarter, driven by a comparable average transaction count increase of 1.3 per cent and a comparable average ticket decline of 0.2 per cent.

Gross profit increased 4.4 per cent to USD 1.22 bn (EUR 1.33 bn) from USD 1.17 bn (EUR 1.08 bn) in the prior year's first quarter, and the gross margin increased to 36.0 per cent from 35.5 per cent. As the report indicates, the gross margin rate increase was primarily attributable to ongoing lower transportation costs, disciplined product cost management and the continued execution of an everyday low-price strategy.

The company opened 17 new Tractor Supply stores and four new Petsense by Tractor Supply stores in the first quarter of 2024.