Tractor the largest rural lifestyle retailer in the U.S., is still growing as its business booms thanks to the pandemic and people escaping the cities for houses on more land.
During its fiscal second quarter it opened 18 new Tractor Supply stores, and is planning to open 75 to 80 new shops altogether this year. As of July it had 1,881 stores.
“We’re seeing that as people have left the cities where we don’t have stores, they moving into suburbia … or they’re moving out to the rural communities,” CEO Hal Lawton said during an earnings call. “They’re embracing the ‘out here’ lifestyle, and they’re shopping Tractor Supply because we are that lifestyle.”
The retailer’s net sales for the quarter ended June surged 35% to $3.18 billion. Its net income jumped 54.5%. Same-store sales, which tracks revenue at locations open for at least 12 months, climbed 30.5%. Its e-commerce business also saw triple-digit sales.
