Tractor Supply posts strong Q3; business ‘has never been stronger’
Tractor Supply Co. reported its sixth consecutive quarter of double-digit comparable store sales growth amid rising sales and earnings and raised its guidance for the year.
The country’s largest rural lifestyle retailer reported that its net income totaled $224.4 million, or $1.95 per share, in the quarter ended Sept. 25, up from $190.6 million, or $1.62 per share, in the year-ago period.
Net sales increased 15.8% to $3.02 billion, topping estimates of $$2.86 billion. Comparable store sales jumped 13.1%, nearly double estimates.
Tractor Supply said its comp-sales increase was broad-based and across all geographical regions, and reflected robust demand for everyday merchandise, including consumable, usable and edible products, and continued growth in summer seasonal categories. In addition, the company’s e-commerce sales experienced strong double-digit growth for the 37th consecutive quarter.
“Over 18 months into the pandemic, our business has never been stronger,” said Hal Lawton, president and CEO, Tractor Supply. “Our growth continues to be robust. Our customer trends remain structurally sound. We are continuing to gain market share and invest in the business to capture the significant opportunities ahead of us.”
Lawton said that Tractor Supply was raising its outlook for fiscal 2021 despite “unprecedented pressures across our supply chain.”
“We are on track for a record year of sales and earnings,” he added.
[Read More: Tractor Supply adding branded in-store Carhartt shops]
On Sept. 25, 2021, the company operated 1,967 Tractor Supply stores in 49 states and an e-commerce website. It also operated 177 Petsense stores in 23 states.
For 2021, Tractor Supply now expects sales of $12.6 billion, up from its previous guidance for $12.1 billion to $12.3 billion. Comp-store sales are expected to grow 16%, up from the previous outlook for growth of 11% to 13%. Earnings per share is forecast at $8.40 to $8.50, up from $7.70 to $8.00 previously. Analysts are looking for sales of $12.26 billion, comp-store sales growth of 13.4% and earnings per share of $8.01