Tractor Supply reaches major milestone
Rural lifestyle retailer Tractor Supply Company has reached a goal of passing 2,000 stores in operation, with another goal to open 75 to 80 stores and remodel more than 150 this year.
The company recently posted a positive quarterly report, seeing sales increase 15.3% to $3.32 billion for the quarter ended Dec. 25, 2021. Online sales increased by double digits for the 38th consecutive quarter.
Tractor Supply Company began in 1938 as a mail-order business focused on providing quality tractor parts to farmers at fair prices. Charles E. Schmidt Sr. ran the business from his Chicago kitchen table before opening a retail store one year later in Minot, N.D., where Tractor Supply plans to relocate a store this year. Schmidt selected the town for its central location between Texas and Saskatchewan, two hubs for tractor owners.
In 2011, after 72 years in business, Tractor Supply celebrated the opening of its 1,000th store. It added another thousand just ten years later and recently celebrated the grand opening of the 2,000th location in White House, Tenn. As part of its growth plans, including the acquisition of the Petsense pet chain, which will get 10 new locations, the company plans to open its ninth distribution center and transform the side lots at 100 locations. The side lot lawn and gardening strategy is one that was introduced last year.
“Beginning with our first store in Minot, Tractor Supply Company established a commitment to meeting and exceeding the needs of our customers, and we have upheld that commitment for more than 80 years,” said Hal Lawton, Tractor Supply’s president and CEO. “By never losing sight of our purpose, we have grown far beyond what Mr. Schmidt could have ever imagined. While we are proud of our history and all that we have accomplished, we are even more excited about the future and the many ways we can continue to support our neighbors who share our passion for Life Out Here.”
As part of its latest fourth quarter report, Tractor Supply reported same-store sales up 12.7%, seeing a comparable average ticket grow 10.3%.
Consumables and edibles are driving trips to stores, headlined by poultry, dry dog food and more, performing above chain average. The chain’s 4health pet food is its largest own brand, popular for its better-for-pet ingredients, and last year it partnered with country music star Miranda Lambert on a line of exclusive food to benefit her charitable efforts.