It was a strong second quarter for Tractor Supply as the company reported record sales and earnings for the period ended June 25.
Net sales for the quarter increased 8.4% to $3.9 billion. Comparable store sales were up 10.5%, which was driven by comparable average ticket growth. Categories including every day, needs-based merchandise, including consumable, usable and edible (“C.U.E.”) products and year-round product categories were key sales drivers.
Net income increased 7.1% to $396.5 million from $370.0 million, and diluted earnings per share increased 10.7% to $3.53 from $3.19 in the second quarter of 2021.
“Tractor Supply had a strong second quarter that was in line with our expectations with record results on both sales and earnings. Our team’s outstanding focus on serving our customers with the products and services they need to live the Out Here lifestyle allowed us to capture broad-based market share during the quarter,” said Hal Lawton, Tractor Supply’s president and CEO.
Following the strong results, the company is updating its fiscal 2022 financial guidance. Fiscal 2022 comprises 53 weeks, one additional week compared to fiscal 2021. The company now anticipates total year net sales of between $13.95 billion to $14.05 billion, up from previous guidance of $13.6 billion to $13.8 billion. Comparable store sales are now expected to increase between 5.2% and 5.8%, up from previous guidance of an increase of 3% to 4.5%