Tractor Supply Co. (Brentwood, Tenn.) has updated its long-term growth plan to include growing to 3000 locales, up 200 from its previous estimate. The company, which describes itself as the largest rural lifestyle retailer in the United States, made that disclosure in its financial results for its second quarter ended July 1.
“We believe we have a robust, distinct business model in an attractive market,” said Hal Lawton, President and CEO of Tractor Supply, which recently topped rivals Lowe’s and Home Depot in Newsweek‘s “America’s Best Retailers” roster, in the home-improvement category. “… Today, based on market insights, we are announcing an increase to our long-term store target to 3000 organic sites. Additionally, we are announcing our intention to increase our annual new store openings to 90 beginning in 2025 with 2024 being a transition year.
“With significant share opportunity in a total addressable market of more than $180 billion, we have a long growth runway ahead of us as we continue to execute on our ‘Life Out Here’ strategy.”
As of July 1, the company operated 2181 Tractor Supply stores in 49 states, including 81 stores acquired from Orscheln Farm and Home in 2022 that will be rebranded to Tractor Supply by the end of this year. The company also operates 192 Petsense by Tractor Supply stores in 23 states.
For its recently completed quarter, Tractor Supply said its net sales increased 7.2 percent, to $4.18 billion, its comparable store sales grew 2.5 percent, and its diluted earnings per share jumped by 8.5 percent, to $3.83.
