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Tractor Supply Company Reports First Quarter 2022 Financial Results; Reiterates 2022 Financial Outlook
BRENTWOOD, Tenn.--(BUSINESS WIRE)-- Tractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retailer in the United States, today reported
About this update from Tractor Supply Company
[{"type":"text","content":" BRENTWOOD, Tenn.--(BUSINESS WIRE)--\nTractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retailer in the United States, today reported financial results for its first quarter ended March 26, 2022.\n\n\nNet Sales Increased 8.3%; Comparable Store Sales Increased 5.2% on Top of 38.6% Comparable Store Sales Growth Last Year\n\n\nDiluted Earnings per Share (“EPS”) Increased to $1.65 from $1.55 Last Year\n\n\nCompany Reiterates Fiscal 2022 Financial Outlook\n\n\n“The Tractor Supply team delivered strong results with another quarter of record sales and earnings despite having a difficult comparison from last year’s record sales, ongoing supply chain constraints and the Omicron surge. My thanks and appreciation go out to the 46,000 Team Members at Tractor Supply for their dedication to each other and our customers while staying nimble and successfully navigating a wide range of macro challenges. Our Team Members continue to be the key driver of our success,” said Hal Lawton, Tractor Supply’s President and Chief Executive Officer.\n\nLawton continued, “While we anticipate that we will continue to operate in a highly inflationary and volatile environment, we believe Tractor Supply is uniquely positioned for growth with a resilient, domestic business model that has stood the test of time. The strength of our business and the needs-based, demand-driven nature of our product categories complemented by our Life Out Here strategy give us confidence in our outlook and in our ability to successfully navigate the continuing challenges of the dynamic environment.”\n\nFirst Quarter 2022 Results\nNet sales for the first quarter 2022 increased 8.3% to $3.02 billion from $2.79 billion in the first quarter of 2021. Comparable store sales increased 5.2%, as compared to an increase of 38.6% in the prior year's first quarter. Comparable store sales for the first quarter of 2022 were driven by comparable average ticket growth of 6.7% and a decline in comparable average transaction count of 1.4%. Comparable store sales growth reflects robust demand for everyday merchandise, including consumable, usable and edible (“C.U.E.”) products and strength in winter seasonal goods, partially offset by a slower start to the spring selling season. In addition, the Company’s e-commerce sales experienced double-digit percentage growth for the 39th consecut...