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Tractor Supply Co. Reports Strong Quarterly Sales
USAgNet - 07/20/2021

Tractor Supply Company reported financial results for its second quarter ended June 26, 2021.

"For both the second quarter and first half of the year, the Tractor Supply team delivered exceptionally strong performance as we successfully managed through challenging comparisons from the prior year," said Hal Lawton, Tractor Supply's President and Chief Executive Officer. "Thank you to the more than 45,000 Tractor Supply Team Members who have done an amazing job of navigating through the pandemic. I am extremely proud of their relentless dedication to each other and our customers."

Lawton continued, "As the country reopens, the Out Here lifestyle remains incredibly relevant as we continue to grow our active customer count and retain last year's new and reengaged customers. We are increasing our earnings guidance given our strong results and the outlook for our customer trends and ongoing market share gains. The team is executing at a high level and advancing our Life Out Here Strategy while navigating the cost pressures we are experiencing.

"With a resilient business model, ongoing market share growth and strategic investments to transform the Company, we are excited about the significant opportunities ahead of us and remain committed to disciplined financial returns and sustained profitable growth."

Net sales for the first six months of 2021 increased 24.5% to $6.39 billion from $5.14 billion in the first six months of 2020. Comparable store sales increased 21.2% as compared to an increase of 19.0% in the first six months of 2020.

Gross profit increased 24.9% to $2.27 billion from $1.82 billion in the first six months of 2020, and gross margin increased to 35.5% from 35.4% in the first six months of 2020.

SG&A expenses, including depreciation and amortization, increased 23.6% to $1.55 billion from $1.26 billion in the first six months of 2020. As a percent of net sales, SG&A expenses decreased to 24.3% from 24.5% in the first six months of 2020.

The effective income tax rate was 21.5% in the first six months of 2021 compared to 22.7% in the first six months of 2020.

Net income increased 30.5% to $551.4 million from $422.5 million in the first six months of 2020, and diluted earnings per share increased 31.0% to $4.73 from $3.61 in the first six months of 2020.

Year-to-date through the second quarter, the Company has repurchased approximately 2.7 million shares of its common stock for $456.7 million and paid quarterly cash dividends totaling $120.5 million, returning $577.2 million of capital to shareholders.

During the first six months of 2021, the Company opened 32 new Tractor Supply stores and three new Petsense stores and closed 11 Petsense stores.


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