Rural lifestyle chain Tractor Supply Co. reports record sales and profits in the third quarter of 2020, including a 31.4 percent rise in net sales during the period.
In total, net sales for the three-month period ending Sept. 26 amounted to $2.6 billion, up from $2 billion in 2019. Comparable store sales increased by nearly 27 percent, compared to just 2.9 percent in the third quarter of 2019.
Gross profit for the company in the third quarter increased by 36.6 percent to $948 million, up from $694.2 at the same point in 2019.
Average transactions at Tractor Supply locations grew by more than 14 percent compared to the second quarter of the year. Actual ticket value rose 12.5 percent this quarter. Every home improvement category saw double-digit sales growth, the company confirms.
Hal Lawton, Tractor Supply’s president and CEO, says the company’s latest financial results exceeded his team’s expectations.
“Our fundamentals are strong as we continue to gain market share across existing, new and reengaged customers. We are focused on advancing our capabilities to better serve our customers as we look to emerge from the pandemic even stronger,” Lawton says.
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. In September, the company opened its 1,900th store.