Tractor Supply net sales increased by 8.4 per cent

Tractor Supply, the largest rural lifestyle retailer in the United States, has reported financial results for its second quarter, which ended on 25 June 2022. Net sales for the second quarter of 2022 increased by 8.4 per cent to USD 3.90 billion from USD 3.60 billion in the second quarter of 2021. Comparable store sales increased by 5.5 per cent, as compared with an increase of 10.5 per cent in the prior year's second quarter.

“Tractor Supply had a strong second quarter that was in line with our expectations, with record results on both sales and earnings,“ said Hal Lawton, Tractor Supply’s president and chief executive officer. “Given the strong performance in the first half of the year, the ongoing consistency of our sales performance, visibility into our cost structure and the quality of our inventory, we are raising our financial outlook for the full year. We believe Tractor Supply is uniquely positioned for growth with a resilient, domestic business model that has stood the test of time, despite our outlook for a highly inflationary and volatile environment.“

As the company states, comparable store sales for the second quarter of 2022 were driven by comparable average ticket growth of 7.5 per cent, offset by a decrease in comparable average transaction count of 2.0 per cent. Gross profit increased by 7.7 per cent to USD 1.39 billion from USD 1.29 billion in the prior year's second quarter, and gross margin decreased by 24 basis points to 35.5 per cent from 35.8 per cent in the prior year's second quarter.