Tractor Supply Company Net Sales Rise 31.4 Pct

Tractor Supply Company Net Sales Rise 31.4 Pct

Rural lifestyle retailer Tractor Supply Company reported net sales climbed 31.4 percent and comparable store sales rose 26.8 percent in Q3, according to an announcement.

Comparable average transaction count and ticket growth of 14.3 percent and 12.5 percent, respectively, fueled comparable store sales for the quarter.

Comparable store sales results showed formidable demand for everyday products like edible, usable and consumable items in addition to strong growth for summer seasonal categories.

The company reported that all of its geographic areas experienced strong comparable store sales growth, whiles its online shopping sales had “triple-digit percentage growth.”

“Our fundamentals are strong as we continue to gain market share across existing, new and reengaged customers. We are focused on advancing our capabilities to better serve our customers as we look to emerge from the pandemic even stronger,” Tractor Supply President and Chief Executive Officer Hal Lawton said in the announcement.

In Q3, the firm opened 23 new Tractor Supply retail locations and three new Petsense retail locations.

As for its overall results, Tractor Supply Company reported diluted earnings per share of $1.62 on net sales of $2.61 billion. The results exceeded analyst estimates of earnings per share of $1.33 on $2.39 billion in revenue.

The news comes as Lawton said he thinks customers are likely to keep with the shopping habits they acquired because of COVID-19 per a June report.

At the time, he said touch-free digital payment methods will likely grow in popularity, “usurping” the utilization of cash over the long haul, citing nations that encountered the coronavirus prior to the U.S.

Lawton said curbside pickup and ordering via the web, among other COVID-era trends, were probable to be permanent parts of the economy even after COVID becomes less of a factor in typical life, noting that they would “stay in customers’ minds.”

Tractor Supply has been following those trends, growing those services and installing a digital service letting customers send in the model and color of their car, enabling staffers to locate it more easily in the parking lot for quicker service.