Big-box home improvement chain Tractor Supply Co. announced its second-quarter 2020 financial results, reporting record sales and earnings.
In total, the company’s net sales for the second quarter of the year hit $3.2 billion, a 35 percent increase over the same period in 2019. Comparable store sales increased by more than 30 percent year over year. The company’s gross profit increased by 41 percent to $1.2 billion.
Additionally, the company reports COVID-19 has had a “significant impact on consumer demand across all [Tractor Supply’s] major product categories,” and drove sales higher in spring and summer seasonal categories and consumables.
Notably, Tractor Supply’s e-commerce sales saw triple-digit sales growth.
“In a highly dynamic environment, the Tractor Supply team delivered record results for the second quarter. At all levels, our team’s dedication to supporting each other and our customers is a true reflection of Tractor Supply’s mission and values in action,” says Hal Lawton, Tractor Supply’s president and CEO. “We believe our performance in the second quarter demonstrates the strength of our business and long-term growth potential.”
Lawton also shared the company’s plans to transform side lots and mature stores to improve space productivity and deploy merchandising strategies.
Recently, Lawton joined the CEO of the National Retail Federation for a live webstream where he discussed the company’s plans to hire thousands of new employees and roll out new ads.