Tractor Supply Co. demonstrated record-high sales for the second quarter, seeing net sales increase by 35% and comparable store sales grow by 30.5%, year over year, with double-digit jumps across all product categories and a triple-digit leap in e-commerce-driven sales.
The financial results were for the second quarter ended June 27, and Hal Lawton, president and CEO of Tractor Supply Co., said it was record results.
“Thank you to all of the Tractor Supply team members for their resilience and determination during these trying times,” he said. “As we attract new customers and gain market share, now is the time for us to build on Tractor Supply’s Out Here lifestyle assortment and convenient shopping format. Over the last few months, we have successfully rolled out new technology and services such as curbside pickup, same day/next day delivery and our first-ever mobile app. We are excited today to announce our Field Activity Support Team (FAST) and several new technology and service enhancements that are being implemented across the enterprise. Additionally, we are beginning work to transform our side lots and mature stores to improve space productivity, bring our latest merchandising strategies to life and advance our efforts to remain nationally strong while locally relevant. These strategic growth initiatives are guided by our commitment to disciplined financial returns and sustained profitable growth.”
Q2 2019 generated a net sales number of $2.35 billion and one year later sales were up $3.18 billion for the quarter, an increase of 35%. The COVID-19 pandemic impacted consumer demand in categories and drove the bulk of the sales increases, according to the company.
“The increase in comparable store sales was driven by unprecedented demand for spring and summer seasonal categories along with exceptional growth in everyday merchandise, including consumable, usable and edible products,” the financial report said. “All geographic regions of the company had robust comparable store sales growth. In addition, the company’s e-commerce sales experienced triple-digit sales growth.”
Looking at the first six months of fiscal 2020, net sales are up 23% to $5.14 billion, year over year, comparable store sales are up 19%. Gross profit increased to $1.82 billion for the first six months, an increase of more than 26%.
During this timeframe the company opened 38 new stores and saw launches such as a new pet food exclusive with country music superstar Miranda Lambert.