Tractor Supply Co. has reported record sales and earnings for fiscal year 2020, as well as strong performance in the fourth quarter of 2020.
In total, Tractor Supply earned $2.8 billion in net sales for the final quarter of 2020, up from $2.6 billion in the third quarter of 2020 and $2.2 billion compared to 2019 levels. Net income in the fourth quarter stood at nearly $136 million.
Throughout the fourth quarter, Tractor Supply reports a 13 percent increase in average transaction size, 14 percent growth in store traffic and three consecutive quarters of triple digit e-commerce growth.
Net sales for fiscal year 2020 totaled $10.6 billion, up 26.2 percent from fiscal year 2019. Tractor Supply ended fiscal year 2020 with a reported net income of $749 million.
“We are incredibly proud of all the Tractor Supply team achieved in 2020 including record sales and operating performance for the year. My thanks and appreciation go out to the team for their support of each other, our customers and our longstanding commitment to the rural lifestyle. Our team remained agile in a challenging operating environment as we experienced unprecedented demand and welcomed a record number of new and reengaged customers to Tractor Supply,” says Hal Lawton, president and CEO of Tractor Supply.
In addition, the company is reporting both fourth-quarter comparable store sales rose by more than 27 percent. In 2019, store sales rose just 0.1 percent from the third to fourth quarters. Fiscal year 2020 comparable store sales increased by 23 percent over 2019 levels.
In September, the company opened its 1,900th location.