Tractor Supply Company reports slight sales increase

Tractor Supply Company, the largest rural lifestyle retailer in the United States, reports financial results for its third quarter ended 28 September 2024. Net sales increased 1.6 per cent to USD 3.47 bn (around EUR 3.2 bn). The increase in sales was driven by new store openings, as the report indicates.

Comparable store sales declined 0.2 per cent, as compared to the third quarter of 2023, driven by a comparable average transaction count increase of 0.3 per cent, offset by a comparable average ticket decrease of 0.5 per cent. Comparable store sales results reflect continued strength in big ticket categories, partially offset by declines in year-round discretionary categories. As expected, consumable, usable and edible products were modestly negative with positive unit growth offset by average unit price pressure, the company states.

The company opened 16 new Tractor Supply stores in the third quarter of 2024. As of 28 September 2024, the company operated 2,270 Tractor Supply stores in 49 states, as well as 205 Petsense by Tractor Supply stores in 23 states.

“We delivered on our expectations for the third quarter amid a tepid retail sales environment while advancing our Life Out Here strategy. The fundamentals of our business remain strong with ongoing market share gains. With nearly 50 per cent of our stores in Project Fusion layout and more than 550 garden centers, we continue to invest in our stores, supply chain and capabilities that build customer loyalty and elevate the standard for our sector,” said Hal Lawton, President and Chief Executive Officer of Tractor Supply.

Updated outlook for the full fiscal year

Based on year-to-date performance and its outlook, Tractor Supply is updating its financial guidance. For fiscal year 2024, the company now expects net sales around USD 14.85 to 15.0 bn (approx. EUR 13.75 to 13.84 bn; previous: USD 14.8 to 15.0 bn) and comparable store sales around 0.0 to +1.0 per cent (previous: 0.5 to +1.0 per cent).