Tractor Supply Company Q3 sales, profit jump amid pandemic
Tractor Supply Company’s momentum continued in the third quarter as the pandemic continued to drive strong demand across all the chain’s product categories.
The nation’s largest rural lifestyle retailer reported that its income increased 56.1% to $190.6 million for the quarter ended Sept. 22, from $122.1 million in the year-ago quarter.
Net sales rose 31.4% to $2.61 billion from $1.98 billion. Same-store sales surged 26.8%, compared to an increase of 2.9% in the same period last year.
Tractor Supply said its comp-store sales growth was driven by average transaction growth of 14.3% and ticket growth of 12.5%, and also strong demand for everyday merchandise, including consumable, usable and edible products, and robust growth for summer seasonal categories.
In addition, the company’s e-commerce sales experienced triple-digit percentage growth.
“Our fundamentals are strong as we continue to gain market share across existing, new and reengaged customers,” said Hal Lawton, president and CEO. “We are focused on advancing our capabilities to better serve our customers as we look to emerge from the pandemic even stronger. With a resilient business model and a differentiated and loyal customer base, we are moving at a fast pace to ensure Tractor Supply continues as a strong, relevant company for the future.
Tractor Supply ended the quarter in a very strong liquidity position, with current cash and cash equivalents of approximately $1.11 billion and no amounts drawn on its $500 million revolving credit facility as of September 26, 2020.