Tractor Supply grows by 11.6 per cent in 2022

Tractor Supply, rural lifestyle retailer in the United States, has reported financial results for fiscal year 2022. Net sales increased 11.6 per cent to USD 14.20 bn compared to DU 12.73 bn in 2021. The fiscal year included an additional week of sales as part of the company's 53-week calendar in 2022, which accounted for 1.8 percentage points of sales growth. Comparable sales increased 6.3 per cent compared to a 16.9 per cent increase in 2021.

"Tractor Supply had another remarkable year in 2022 as we continued to gain market share and advance our strategic initiatives. In just over two years since the launch of our Life Out Here strategy, we have implemented Project Fusion in nearly 30 per cent of our shops, built more than 300 garden centres, expanded our digital and supply chain capabilities and increased our Neighbor's Club membership by 47 per cent to more than 28 million members. These investments are resonating well with our customers as we ended the year with strong sales growth," said Hal Lawton, chief executive officer of Tractor Supply.

In fiscal 2022, the company opened 63 new Tractor Supply stores and nine new Petsense by Tractor Supply stores, while closing one Petsense by Tractor Supply store. In October 2022, Tractor Supply acquired 81 stores from Orscheln Farm and Home, which will be rebranded as Tractor Supply by the end of 2023.