Tractor Supply Company reports strong Q3
Rural lifestyle retailer Tractor Supply Company reported huge sales gains for the third quarter and announced a new strategy to make it the center of what they call “Life Out Here.”
By the numbers, the retailer with a range of private brands across categories like pet food, hardware, home and garden, and more saw same-store sales for the quarter ended Sept. 26 jump by 26.8% and net sales increased by 31.4%.
“We were very pleased with the overall performance of our business in the third quarter, which exceeded our expectations,” said Hal Lawton, president and CEO of Tractor Supply, Brentwood, Tenn. “My sincere thanks and appreciation go out to the more than 40,000 team members of Tractor Supply for their extraordinary efforts to serve our customers with dedication and passion in the midst of the ongoing challenges of the COVID-19 pandemic and multiple natural disasters in the quarter. Our fundamentals are strong as we continue to gain market share across existing, new and reengaged customers. We are focused on advancing our capabilities to better serve our customers as we look to emerge from the pandemic even stronger."
To continue momentum, Tractor Supply unveiled its “Life Out Here Strategy,” that Lawton said supports the store’s strong heritage of being a convenient and dependable supplier of “Life Out Here,” a call to it being a one-stop-shop for rural lifestyle shopping like farmers and ranchers. The strategy leans on five strategic pillars for the company:
- Deliver legendary customer experiences: Expand and deepen Tractor Supply’s customer base by providing personalized, localized and memorable customer engagements;
- Advance the company’s ONETractor Capabilities: Evolve the company’s anytime, anywhere, any way customer experiences by digitizing business processes and furthering omni channel capabilities;
- Operate the Tractor Way: Drive operations excellence and productivity through continuous improvement, space utilization and advanced supply chain capabilities;
- Go the Country Mile with our team: Connect, empower and grow team members to enhance their lives and the communities they live in, enabling them to provide legendary service to the company’s customers; and
- Generate healthy shareholder return: Allocate resources in a disciplined and efficient manner to drive profitable growth and build total shareholder value.
“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,” Lawton said.
Just this year, Tractor Supply opened new stores to put them at 1,904 locations in 49 states.