Tractor Supply delivers strong first quarter

Tractor Supply is off to a strong start in 2021. The rural lifestyle retailer reported that first-quarter comparable-store sales increased 38.6% for the quarter ended March 27, as net sales increased by 42.5% year over year.

“Based on our strong performance in the first quarter, the positive macro factors and robust customer retention trends, we are raising our financial outlook for the year and now expect to deliver diluted EPS in the range of $7.05 to $7.40,” said Hal Lawton, CEO of Tractor Supply. “We believe our resilient business model with a differentiated and loyal customer base, our strategic investments to capture growth opportunities and the strength of our balance sheet position us to capitalize on the momentum in our business in 2021 and beyond.”

Net sales in the first quarter totaled $2.79 billion, up from $1.96 billion a year ago. The increase in same-store sales also included an increase in higher tickets at the register, up almost 18%, versus a year ago. The same-store sales reflect strong demand in consumable, usable and edible products and seasonal items, the retailer said.

Tractor Supply also reported gross profit increased 48.8% to $938.8 million from $661.2 million last year in the first quarter.