Double-digit comps boost Tractor Supply in Q1
A mild spring of weather conducive to farm and ranch sales propelled Tractor Supply Corp. to a strong first quarter.
The Brentwood, Tenn.-based farm and ranch retailer saw same-store sales increase 11.5% in the first quarter ended March 31. Net sales increased 22.0% to $1.02 billion.
Net income for the quarter was $40.3 million, compared to net income of $18.3 million in the same quarter last year.
"We are delighted to have reached another milestone, achieving record first quarter sales in excess of one billion dollars for the first time in Tractor Supply's history,” said Jim Wright, chairman and CEO. “Customers responded favorably to our spring products and the continual enhancements we have been making to our merchandise assortments. Our proactive planning allowed us to capture the earlier spring selling season in Southern markets and we reacted quickly to capitalize on the early spring weather seen in March. We continue to evolve our assortments and the in-store experience to ensure we have the right product and marketing programs in place to keep customers highly engaged throughout the spring and summer selling seasons."
The company opened 33 new stores and closed one store in the first three months of the year, bringing the total to 1,117 stores in 44 states.