Tractor Supply Company had another record fourth quarter, seeing net sales increase 31.3%, with comparable store sales growing more than 27%, year over year. On the heels of that success, the rural retailer outside Nashville is putting impressive plans in place for the year ahead, including opening 80 new Tractor Suppy stores and 10 Petsense stores.
The retailer recently announced a new addition to the Petsense team in Matthew Rubin. Tractor Supply is also readying a refresh of its loyalty program. Part of its latest quarterly report showed a milestone acheivment of exceeding $10 billion in sales for the fiscal year, recording increased sales from existing, new and reacquired customers.
Sales were driven by customer spend shifts toward creating their own experiences and developing a more self-reliant lifestyle, said Kurt Barton, EVP, CFO and treasurer.
Tractor Supply anticipates capital spending to range from $450 million to $550 million in 2021, with more than 80% of it allocated toward growth initiatives. The vast majority of the CapEx increase is attributable to new in-store initiatives and supporting technology for its Life Out Here corporate strategy.
Store fleet plans for 2021 include opening 80 new Tractor Supply stores and 10 Petsense stores, as well as remodeling 150 to 200 stores.
Additionally, the retailer is undergoing major digital investments to improve on its BOPIS offering, contactless payment options and more.