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Jul. 31, 2023 Source: Tractor Supply Co. news release BRENTWOOD, Tenn.-- Tractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retailer in the United States (the "Company"), today reported financial results for its second quarter ended July 1, 2023. *Net Sales Increase of 7.2% to $4.18 Billion with Comparable Store Sales Increase of 2.5%, Led by Comparable Transaction Growth of 1.8% *Diluted Earnings per Share Growth of 8.5% to $3.83 *Announces New Long-Term Target of 3,000 Stores in the U.S. and Plan to Increase Annual New Store Openings to 90 per Year "As has been well documented, U.S. consumer spending on goods is moderating. Additionally, our business was further impacted by seasonal underperformance, particularly in June. Consequently, our second quarter results, while solid, were below our expectations. "My thanks and appreciation go out to our 52,000 Tractor Supply Team Members. Through their efforts, we delivered record customer service scores and positive comparable transaction growth in the quarter. "Given our first half performance and our view that our customers will continue to be discerning in their spending for the remainder of the year, we are adjusting our full year outlook," said Hal Lawton, President and Chief Executive Officer of Tractor Supply. "We believe we have a robust, distinct business model in an attractive market. We have achieved remarkable growth and market share gains over the last three plus years. We remain excited about the many vectors that exist for us to expand our competitive advantages and deliver attractive growth. "Today, based on market insights, we are announcing an increase to our long-term store target to 3,000 organic sites. Additionally, we are announcing our intention to increase our annual new store openings to 90 beginning in 2025 with 2024 being a transition year. "With significant share opportunity in a total addressable market of more than $180 billion, we have a long growth runway ahead of us as we continue to execute on our Life Out Here strategy," said Lawton. To read the entire report click here. Tweet |
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