Tractor Supply rides strong in Q3
Tractor Supply Company beat third-quarter sales and earnings estimates amid healthy results across all merchandise categories and regions.
The Brentwood, Tenn.-based, rural lifestyle retailer posted net income of $116.8 million for the quarter ended Sept. 28, up more than 27% from net income of $91.9 million in the year-ago period.
Net sales increased 9.3% to $1.88 billion from $1.72 billion in the third quarter of 2017. Same-store sales rose 5.1%, with a 3.6% increase in the average ticket and 1.4% increase in comp transaction count.
The retailer said that its comp store sales were driven by broad-based strength in everyday merchandise, along with robust growth across spring and summer seasonal categories. All merchandise categories delivered increased comparable store sales, as did all geographic regions.
“Our 5.1% comparable store sales growth increase in the quarter was driven by continued execution of our ONETractor strategy that drove both average ticket and transaction count increases for the quarter,” said Greg Sandfort, CEO of Tractor Supply. “The team did a great job managing our product assortment, marketing events and store experience as we cycled a strong comparable store sales increase of 6.6% in the prior year’s third quarter.
Tractor Supply Company’s effective income tax rate was 21.5% for the quarter, compared to 36.4% in the prior year’s third quarter. The decrease was primarily related to the U.S. Tax Cuts and Jobs Act, the company said.
During the quarter, Tractor Supply opened 23 new stores and seven new Petsense stores. For the first nine months of the year, Tractor Supply has opened 63 new stores, 14 new Petsense stores, and closed one Petsense location.
As of the end of September, Tractor Supply operated more than 1,748 stores in 49 states, along with 181 Petsense stores.
The Brentwood, Tenn.-based, rural lifestyle retailer posted net income of $116.8 million for the quarter ended Sept. 28, up more than 27% from net income of $91.9 million in the year-ago period.
Net sales increased 9.3% to $1.88 billion from $1.72 billion in the third quarter of 2017. Same-store sales rose 5.1%, with a 3.6% increase in the average ticket and 1.4% increase in comp transaction count.
The retailer said that its comp store sales were driven by broad-based strength in everyday merchandise, along with robust growth across spring and summer seasonal categories. All merchandise categories delivered increased comparable store sales, as did all geographic regions.
“Our 5.1% comparable store sales growth increase in the quarter was driven by continued execution of our ONETractor strategy that drove both average ticket and transaction count increases for the quarter,” said Greg Sandfort, CEO of Tractor Supply. “The team did a great job managing our product assortment, marketing events and store experience as we cycled a strong comparable store sales increase of 6.6% in the prior year’s third quarter.
Tractor Supply Company’s effective income tax rate was 21.5% for the quarter, compared to 36.4% in the prior year’s third quarter. The decrease was primarily related to the U.S. Tax Cuts and Jobs Act, the company said.
During the quarter, Tractor Supply opened 23 new stores and seven new Petsense stores. For the first nine months of the year, Tractor Supply has opened 63 new stores, 14 new Petsense stores, and closed one Petsense location.
As of the end of September, Tractor Supply operated more than 1,748 stores in 49 states, along with 181 Petsense stores.