US lifestyle retailer Tractor Supply has reported a 3.1 per cent gain in net sales during the fourth quarter, which concluded on December 28.
The company said the increase was driven by new store openings and growth in comparable store sales, up by 0.6 per cent year on year.
In Q4 2024, Tractor Supply opened 26 new Tractor Supply locations and four Petsense by Tractor Supply stores.
“In 2024, our business performed well in a challenging retail environment, and we made significant progress on our Life Out Here strategy,” said Hal Lawton, president and CEO of Tractor Supply.
“We achieved numerous milestones during the year, including having about half of our stores in the Project Fusion layout and opening our 10th and largest distribution center. The fundamentals of our business remain strong with ongoing market share gains, record Neighbor’s Club members, digital sales in excess of $1 billion and high-return new store openings.”
In addition, net sales for fiscal 2024 climbed by 2.2 per cent to $14.88 billion from $14.56 billion, and comparable store sales rose 0.2 per cent compared to the previous year.
During fiscal 2024, the company opened 80 new Tractor Supply stores and a net of eight new Petsense by Tractor Supply stores.
Tractor Supply intends to open approximately 90 Tractor Supply stores in the coming year, while also continuing Project Fusion remodels and garden centre conversions, establishing its 11th distribution centre, and adding 10 additional Petsense by Tractor Supply locations.