Tractor Supply Co. same-store sales up 4.2% in Q1

Brentwood, Tenn. Tractor Supply Co.’s net sales in the first quarter increased 12.8% to $650.2 million, from $576.2 million last year. Net income for the quarter, ended March 28, was $0.5 million, compared with a net loss of $2.0 million.

The company also reported that its same-store sales increased 4.2%, compared with a 6.5% decrease last year.

Tractor Supply Co. said its same-store sales increase was primarily driven by its core consumable categories, including animal and pet-related products.

Tractor Supply Co. opened 28 new stores, closed one store, and relocated one store in the first quarter.

“With a solid start to this year, we are confident we are taking the right steps to continue differentiating our business in the market and executing our retail strategy to win in the current environment and beyond,” Jim Wright, chairman and CEO, stated. “Based on the success we have achieved in our unique niche, we have identified additional growth opportunities for the business, including expanding our long-term store target to 1,800 domestic stores, which we believe positions us well to deliver long-term growth and value for our shareholders."