Tractor Supply Company reported an increase in first-quarter sales and confirmed its yearly outlook amid continued share gains.
The country’s largest rural lifestyle retailer also said it plans to open approximately 70 Tractor Supply stores in 2023 and also complete the conversion of its acquired Orscheln Farm and Home locations to Tractor Supply and continue its “project fusion” store remodels and garden centre transformations.
In addition, the retailer expects to open 10 to 15 new Petsense by Tractor Supply stores. (The company opened 17 new Tractor Supply locations and three new Petsense by Tractor Supply stores in the first quarter of 2023.)
Tractor Supply’s net income decreased 2.2 per cent to $183.1M in the quarter ended 1 April, from $187.2M in the year-ago quarter. The diluted earnings per share were $1.65 in the first quarter of both 2023 and 2022.
