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Oct. 22, 2021 Source: Tractor Supply Co. news release BRENTWOOD, Tenn.--Tractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retailer in the United States, today reported financial results for its third quarter ended September 25, 2021. "The third quarter marks our sixth consecutive quarter of double-digit comparable store sales growth. We are once again very pleased with the overall performance of our business, which exceeded our expectations. Our outstanding results are indicative of the hard work and dedication of the more than 45,000 Team Members of Tractor Supply who are successfully navigating the challenging and ever-changing external environment," said Hal Lawton, Tractor Supply's President and Chief Executive Officer. "Over 18 months into the pandemic, our business has never been stronger. Our growth continues to be robust. Our customer trends remain structurally sound. We are continuing to gain market share and invest in the business to capture the significant opportunities ahead of us. As we advance our multiyear Life Out Here Strategy, we are beginning to realize the benefits from our strategic initiatives. Despite unprecedented pressures across our supply chain, we are raising our outlook for fiscal 2021 and are on track for a record year of sales and earnings," Lawton added. Net sales for the first nine months of 2021 increased 21.6% to $9.41 billion from $7.74 billion in the first nine months of 2020. Comparable store sales increased 18.5% versus a 21.5% increase in the first nine months of 2020. Gross profit increased 21.4% to $3.36 billion from $2.77 billion, and gross margin was 35.7% in the first nine months of 2021 and 2020. SG&A expenses, including depreciation and amortization, increased 19.9% to $2.34 billion from $1.95 billion but decreased as a percent of net sales to 24.9% compared to 25.2% for the first nine months of 2020. Operating income increased 24.8% to $1.01 billion compared to $812.5 million in the first nine months of 2020. The effective income tax rate was 21.9% compared to 22.6% in the first nine months of 2020. Net income increased 26.5% to $775.8 million from $613.1 million, and diluted earnings per share increased 27.7% to $6.68 from $5.23 for the first nine months of 2020. Year to date through the third quarter, the Company has repurchased approximately 3.5 million shares of its common stock for $598.0 million. The Company has also paid quarterly cash dividends totaling $179.8 million year to date, returning $777.8 million of capital to shareholders. During the first nine months of 2021, the Company opened 44 new Tractor Supply stores and six new Petsense stores and closed 11 Petsense stores. To read the entire report click here. Tweet |
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