Business
Tractor Supply Company Provides Preliminary First Quarter 2020 Update in Response to COVID-19 Pandemic
Company Withdraws Fiscal 2020 Financial Outlook and Announces Upcoming Investor Events BRENTWOOD, Tenn., April 07, 2020 (GLOBE NEWSWIRE) -- Tractor Supply
About this update from Tractor Supply Company
[{"type":"text","content":"Company Withdraws Fiscal 2020 Financial Outlook and Announces Upcoming Investor Events\nBRENTWOOD, Tenn., April 07, 2020 (GLOBE NEWSWIRE) -- Tractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retailer in the United States, today provided a business update in light of the dynamic situation related to the COVID-19 pandemic, including a preliminary financial update for the first quarter 2020.\n For the first quarter of 2020, net sales increased 7.5% to $1.96 billion from $1.82 billion in the first quarter of 2019. Comparable store sales increased 4.3% compared to a 5.0% increase in the prior year’s first quarter. Starting in early March, the Company benefited from strong sales as consumers stocked up on core everyday consumable, usable and edible merchandise categories related to the COVID-19 pandemic. This stock up activity more than offset the decline in cold-weather seasonal categories sales in January and February resulting from generally warmer weather conditions. For the March period, overall comparable store sales increased 12% above the prior year with key consumable categories up more than 20%, offset by declines in discretionary categories such as clothing, footwear, toys and gift items. The Company’s e-commerce business also experienced significant growth in March. As a result of the above factors, the Company expects diluted earnings per share for the first quarter to be between $0.69 and $0.71. “During these unprecedented times, I am incredibly proud of how the Tractor Supply team has responded to take care of each other and our customers. As an essential, needs-based retailer, Tractor Supply is committed to supporting our customers’ ability to take care of their families, property and animals,” said Hal Lawton, Tractor Supply’s President and Chief Executive Officer. “As we progressed through the first quarter, our comparable store sales growth tracked in line with our expectations. Beginning in early March as the COVID-19 crisis evolved, we saw a significant increase in our comparable store sales with a focus in our consumable categories such as companion animal food, livestock feed and heating fuel and other core categories like agricultural fencing, safes, generators and sustainable living.” Lawton continued, “With the additional safety measures and acceleration of initiatives like contactless curbsi...