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Jan. 27, 2022 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 fourth quarter and fiscal year ended December 25, 2021. *Fourth Quarter Net Sales Increased 15.3%; Fourth Quarter Comparable Store Sales Increased 12.7% *Fiscal Year Net Sales Increased 19.9%; Fiscal Year Comparable Store Sales Increased 16.9% *Fourth Quarter Diluted Earnings per Share ("EPS") of $1.93 and Fiscal 2021 Diluted EPS of $8.61 *Provides Robust Fiscal 2022 Financial Outlook and Updates Long-Term Financial Targets *Increases Quarterly Dividend by 77% to $0.92 per share and Authorizes Additional Share Repurchases of $2.0 Billion "Tractor Supply had an outstanding fourth quarter, capping off a record year of sales and earnings in 2021. Thank you to our 46,000 Team Members for their hard work, passion and dedication to Life Out Here," aid Hal Lawton, Tractor Supply's President and Chief Executive Officer. "Today, our business is substantially stronger than before the pandemic. Our resilient and differentiated business model has allowed us to capitalize on the structural consumer trends benefiting our business, and we believe we have a long growth runway ahead of us. We have strong momentum in our business, and our results demonstrate that our multiyear Life Out Here strategy is working." "The combination of the strong cash generation of Tractor Supply's business and our Board's confidence in our outlook positions us to return capital to shareholders through the largest dividend increase in our history and an expanded share repurchase authorization. We believe we are well positioned to continue to drive profitable growth and enhance value for our shareholders," Lawton continued. Fiscal 2021 Results Net sales for fiscal 2021 increased 19.9% to $12.73 billion from $10.62 billion in fiscal 2020. Comparable store sales increased 16.9% versus a 23.1% increase in fiscal 2020. Gross profit increased 19.0% to $4.48 billion from $3.76 billion in fiscal 2020, and gross margin decreased 25 basis points to 35.2% from 35.4% in fiscal 2020. SG&A expenses, including depreciation and amortization and asset impairment, increased 14.7% to $3.17 billion from $2.76 billion in fiscal 2020. As a percent of net sales, SG&A expenses improved 113 basis points to 24.9% from 26.0% in fiscal 2020. On an adjusted basis excluding the impact of the discrete impairment charges in the prior year, SG&A expenses increased 17.8%, an improvement of 43 basis points as a percent of net sales compared to fiscal 2020. Operating income increased 31.1% to $1.31 billion compared to $996.9 million in fiscal 2020. On an adjusted basis, operating income increased 22.0% compared to adjusted operating income of $1.07 billion1 in fiscal 2020, which excluded the impact of the discrete impairment charges in the prior year. The effective income tax rate was 22.1% compared to 22.6% in fiscal 2020. Net income increased 33.1% to $997.1 million from $749.0 million, and diluted EPS increased 35.0% to $8.61 from $6.38 in fiscal 2020. Net income and diluted EPS for fiscal 2021 increased 23.7% and 25.3%, respectively, compared to adjusted net income and adjusted diluted EPS of $806.2 million1 and $6.871, respectively in fiscal 2020. Adjusted net income and adjusted diluted EPS for fiscal 2020 excluded the after-tax impact of the discrete impairment charges in the fourth quarter of 2020 of $57.3 million, or $0.49 per diluted share. In fiscal 2021, the Company repurchased approximately 4.4 million shares of its common stock for $798.9 million. The Company also paid quarterly cash dividends totaling $239.0 million year to date, returning $1.04 billion of capital to shareholders. During fiscal 2021, the Company opened 80 new Tractor Supply stores and seven new Petsense stores and closed 11 Petsense stores. To read the entire report https://corporate.tractorsupply.com/newsroom/news-releases/news-releases-details/2022/Tractor-Supply-Company-Reports-Record-Fourth-Quarter-and-Fiscal-2021-Financial-Results-and-Details-Life-Out-Here-Strategy-Updates/default.aspx">click here. Tweet |
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