The Nugget
- Tractor Supply delivered record sales of $14.2 billion and net income of over $1 billion in fiscal 2022, reflecting the company's strong performance, execution of its Life Out Here strategy, and resilience amidst macroeconomic challenges.
- Acquired 81 Orscheln Farm and Home stores in October 2022, expanding Tractor Supply's footprint in the Midwest.
Make it stick
- 🚜 Tractor Supply is the largest rural lifestyle retailer in the U.S.
- 🌱 Focused on supplying the needs of recreational farmers, ranchers and those enjoying the "Out Here" lifestyle
- 📈 Achieved 14.4% compounded annual sales growth over past 5 years
- 🛒 Operated 2,333 stores across 49 states at the end of fiscal 2022
Key insights
Financial Performance
- Net sales increased 11.6% to $14.20 billion in fiscal 2022. Comparable store sales increased 6.3%.
- Operating income was 10.1% of net sales. Net income was $1.09 billion, or $9.71 per diluted share.
- Returned over $1.1 billion to stockholders through share repurchases and quarterly cash dividends.
Strategic Initiatives
- Opened 63 new Tractor Supply stores, acquired 81 Orscheln Farm and Home stores, and opened 9 new Petsense by Tractor Supply stores.
- Continued progress on store remodels, garden center transformations and investments in technology, supply chain and customer experience to support the Life Out Here strategy.
- Neighbor's Club loyalty program exceeded 28 million members, representing 75% of sales. Digital sales neared $1 billion.
Corporate Stewardship
- Continued progress on carbon reduction goals, water conservation targets and efforts to become a more environmentally sustainable company.
- Donated over $15 million to local communities through direct giving, sponsorships, fundraisers and more.
Key quotes
- "My sincere thanks and appreciation go out to our more than 50,000 Tractor Supply Team Members who work diligently to serve our customers and who embrace our Mission and Values every day." - Hal Lawton, President and CEO
- "We are committed to providing a diverse and inclusive culture supported by our Mission & Values where we welcome diverse backgrounds and experiences and respectfully foster different perspectives, ideas and innovative thinking." - From the CEO letter
This summary contains AI-generated information and may have important inaccuracies or omissions.