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Tractor Supply Company Reports Record Second Quarter 2022 Financial Results; Raises Fiscal 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":"\n \n\n BRENTWOOD, Tenn.--(BUSINESS WIRE)--\nTractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retailer in the United States, today reported financial results for its second quarter ended June 25, 2022.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220720006001/en/\n\nNet Sales Increased 8.4%; Comparable Store Sales Increased 5.5%\n\n\nDiluted Earnings per Share (“EPS”) Increased 10.7% to $3.53\n\n\nCompany Raises Fiscal 2022 Financial Outlook to Reflect Outperformance in the First Half of the Year\n\n\n“Tractor Supply had a strong second quarter that was in line with our expectations with record results on both sales and earnings. Our team’s outstanding focus on serving our customers with the products and services they need to live the Out Here lifestyle allowed us to capture broad-based market share during the quarter,” said Hal Lawton, Tractor Supply’s President and Chief Executive Officer.\n\nLawton continued, “Given the strong performance in the first half of the year, ongoing consistency of our sales performance, visibility into our cost structure and the quality of our inventory, we are raising our financial outlook for the full year. We believe Tractor Supply is uniquely positioned for growth with a resilient, domestic business model that has stood the test of time, despite our outlook for a highly inflationary and volatile environment. Looking ahead, we will continue to focus on controlling what we can control, while making investments in our Life Out Here strategy to strengthen our business and create long term value for our shareholders.”\n\nSecond Quarter 2022 Results\n\nNet sales for the second quarter of 2022 increased 8.4% to $3.90 billion from $3.60 billion in the second quarter of 2021. Comparable store sales increased 5.5%, as compared to an increase of 10.5% in the prior year's second quarter. Comparable store sales for the second quarter of 2022 were driven by comparable average ticket growth of 7.5%, offset by a decrease in comparable average transaction count of 2.0%. Comparable store sales growth reflects continued strength in every day, needs-based merchandise, including consumable, usable and edible (“C.U.E.”) products and year-round product categories.\n\nGross profit increased 7.7% to $1.39 billion from $1.29 billion in th...