Rural lifestyle retailer Tractor Supply Company reported net sales of $14.56 billion for FY23, a 2.5 per cent increase versus the previous year.

The firm’s comparable store sales were flat year on year versus a 6.3 per cent increase in FY22. Gross profit increased 5.1 per cent to $5.23 billion, while net income increased 1.7 per cent to $1.11 billion.

During the year, the company opened 70 new Tractor Supply stores and 13 new Petsense by Tractor Supply locations. It also closed one Tractor Supply store and one Petsense by Tractor Supply outlet.

“While our financial performance in 2023 did not meet our initial expectations, our team successfully navigated a highly dynamic environment with agility, operational resiliency and a focus on our strategic investments,” said Hal Lawton, president and CEO of Tractor Supply.

“Our healthy customer engagement, historically high customer satisfaction scores, peak productivity of our supply chain, technology enhancements and the scaled transformation of our store base all serve as proof points of the strength of our business.”

The company expects net sales of $14.7 billion to $15.1 billion for FY24, while comparable store sales are forecast to decline 1 per cent or edge up 1.5 per cent. The firm plans to open approximately 80 Tractor Supply stores as well as 10 to 15 new Petsense by Tractor Supply locations.

As of December 30, the 85-year-old retailer operated 2216 Tractor Supply stores in 49 states and 198 Petsense by Tractor Supply stores in 23 states.