Tractor Supply Company Forecasts Record-Breaking Q2

written by Dan Berthiaume of Chain Store Age

Tractor Supply Company is feeling very optimistic about its current fiscal quarter.

The largest rural lifestyle retailer in the U.S. is providing an outlook for the second quarter of fiscal 2022 (ending June 25, 2022) that includes its best-ever results for net sales and same-store sales. While there is still a significant portion of the second quarter of fiscal 2022 ahead, Tractor Supply currently forecasts net sales growth of 8% and comparable-store sales growth of 5% as compared to the second quarter of fiscal 2021.

Diluted earnings per share for the second quarter of fiscal 2022 are forecasted to be $3.48 or greater.

Tractor Supply targets 75 to 80 new stores, unifies operations
Although Tractor Supply previously said that its new store openings were delayed during the first quarter of fiscal 2022 by lingering impacts from the COVID-19 pandemic and challenges facing the construction industry, it continues to target opening approximately 75 to 80 new Tractor Supply stores in fiscal 2022.

The company also recently began leveraging the Software AG integration and API management solution to enable customers to connect their shopping experiences across store, mobile, and click-and-collect channels. In addition, the company is connecting the extended retail industry supply chain, from supplier to customer, by using the Software AG webMethods solution to integrate systems and data from the supply chain to the customer. The retailer credits this connection for helping it to avoid business disruptions during the pandemic.

“Tractor Supply is on track to deliver record results in the second quarter on both sales and earnings. As we moved through April and the weather has normalized, we have experienced strong sales of our seasonal products. The strength of our needs-based, demand-driven business continues as the team is effectively managing inventory levels, inflationary costs, and pressures across the global supply chain. We believe we are well-positioned to have a strong second quarter,” said Hal Lawton, Tractor Supply Company president and CEO.

“When our customers need solutions for their ‘Out Here’ lifestyle, they think of Tractor Supply,” said Lawton. “We continue to look for ways to better serve our customers through an ever-expanding product offering like our garden centers or the personalization of how our customers interact with us digitally. We have successfully completed over 200 garden centers at our stores, and our customers’ early response has been very exciting. The upcoming addition of the ‘My Pet’ mobile app personalization will allow us to offer a differentiated digital shopping experience across the 3 million plus app downloads. These initiatives are great examples of how we are able to continue to capture growth opportunities ahead of us.”

The company will release its second-quarter 2022 earnings news release before the market opens on Thursday, July 21, 2022.

As of March 26, 2022, Tractor Supply Company operated 2,003 Tractor Supply stores in 49 states, a customer mobile app and an e-commerce website. Tractor Supply Company also owns and operates Petsense, a small-box pet specialty supply retailer. As of March 26, 2022, the company operated 178 Petsense stores in 23 states.