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Tractor Supply Co. released its Q2 financials, announcing a 1.5% increase in net sales, totaling $4.25 billion. The increase in net sales was driven by new store openings, partially offset by the decline in comparable store sales. Comparable store sales decreased 0.5%, as compared to an increase of 2.5%, year over year.
Operating income was $561.5 million in the second quarter of 2024 compared to $559.3 million in the second quarter of 2023. Tractor Supply Co. opened 21 new stores and three Petsense by Tractor Supply in existing stores as well.
“We are pleased with our second quarter EPS results that were in line with our outlook,” says Hal Lawton, Tractor Supply Co. president and chief executive officer. “My sincere appreciation goes out to our more than 50,000 team members for living our mission and values every day as we focus on taking care of our customers and each other. The team continued to execute extremely well, upholding the high standards we set for ourselves every day. At the halfway point of the year, we have made significant progress on our Life Out Here strategy. We continue to create more separation between us and our competition, thanks to our team members and the meaningful relationships they have with our customers.”
Tractor Supply Co.’s updated 2024 financial outlook is relatively unchanged from its previous outlook. Net sales predictions were changed from $14.7 to $15.1 billion to its new outlook of $14.8 to $15 billion. It’s previous net income prediction was $1.06 to $1.1 billion changed to $1.08 to $1.12 billion.
