Tractor Supply Company delivered solid results in its third quarter, navigating through seasonal conditions to grow net sales and comparable store sales.
Net sales for the third quarter of 2019 ended September 28 increased 5.4% to $1.98 billion from $1.88 billion in the third quarter of 2018. Comparable store sales increased 2.9%, as compared to an increase of 5.1% in the prior year’s third quarter. The comparable store sales results included increases in comparable average ticket of 2.3% and comparable transaction count of 0.6%. Comparable store sales growth was geographically broad-based, driven primarily by strength in everyday merchandise, along with growth across spring and summer seasonal categories.
Net income increased 4.6% to $122.1 million from $116.8 million, and diluted earnings per share increased 7.4% to $1.02 from $0.95 in the third quarter of 2018.
“Tractor Supply once again delivered strong results in the third quarter, driven by the strength of our team’s execution and their ability to be nimble through varying seasonal conditions. Our solid comparable store sales growth of 2.9% for the third quarter was in line with our expectations, with improvements in both our comparable average ticket and transaction count. Importantly, our operating profit margin improved in the third quarter through gross margin expansion initiatives. We have updated our full year guidance for 2019 and are on track to deliver against our commitments. We remain excited about the opportunities ahead to meet our customers’ needs and deliver increased value for our shareholders,” said Greg Sandfort, Tractor Supply’s CEO.