Tractor Supply Company rolled through a strong first quarter ended March 30, 2019, with solid comparable store and seasonal sales growth.
Net sales for the first quarter of 2019 increased 8.3% to $1.82 billion from $1.68 billion in the first quarter of 2018. Comparable store sales increased 5% compared to an increase of 3.7% in the prior year’s first quarter. The comparable store sales results included increases in comparable transaction count and average ticket of 1.8% and 3.2%, respectively. All geographic regions of the company and all major product categories had positive comparable store sales growth. The increase in comparable store sales was primarily driven by strength in everyday merchandise, including consumable, usable and edible products, along with strong demand for winter seasonal categories and, to a lesser extent, sales of spring merchandise.
Net income increased 7.6% to $76.8 million in the first quarter of 2019 from $71.4 million in the prior year’s first quarter and diluted earnings per share increased 10.5% to $0.63 from $0.57 in the first quarter of 2018.
“Tractor Supply started off 2019 with strong performance in the first quarter with comparable store sales growth of 5% driven, once again, by balanced and broad-based sales growth across our differentiated model. Throughout the quarter, the team worked together to ensure that our seasonal product assortments and in-stock levels were appropriate to support our customers’ changing needs across our regions. As we enter the second quarter, we believe we are well-positioned to capitalize on the spring selling season,” said Greg Sandfort, Tractor Supply’s CEO. “We continue to execute on our OneTractor strategy to provide our customers with a seamless shopping experience anytime, anywhere and in any way they choose, and we remain committed to creating sustainable long-term shareholder value.”