Tractor Supply Company<\/a> says consumers\u2019 embrace of its \u201cneeds-based\u201d offerings delivered strong sales in 2022.<\/p>\n The rural lifestyle retailer released earnings<\/a> Thursday (Jan. 26) showing total quarterly sales of $4 billion, up 20.7% from the final quarter of the prior year, and $14.2 billion for the year, an 11.6% increase.<\/p>\n \u201cTractor Supply\u2019s needs-based, demand-driven business model has stood the test of time with consistent and sustainable growth,\u201d CEO Hal Lawton<\/a> said in a news release.<\/p>\n \u201cWith a solid foundation, we plan to build on our momentum in 2023. We believe we have the right strategies to manage through the near-term and to deliver long-term compounding growth and value creation.\u201d<\/p>\n The release says Tractor Supply expects sales of $15.0 billion to $15.3 billion for this year, with comparable store sales up 3.5% to 5.5%.<\/p>\n The 85-year-old Tennessee company noted a number of milestones from the past year, including the opening of 63 new Tractor Supply stores and nine new Petsense<\/a> locations, the retailer\u2019s pet-centric project. The company has 2,016 stores, according to its website.<\/p>\n Lawton said the brand\u2019s Neighbors Club rewards program continues to grow as well, with membership up 47% over the past two years to include 28 million consumers.<\/p>\n October saw the company finalize its $238 million purchase of Orscheln Farm and Home<\/a>, with 81 stores that will be rebranded as Tractor Supply locations by the end of this year.<\/p>\n The company had credited \u201cneeds-based\u201d consumers for strong sales<\/a> in July and again in October<\/a>, with Lawton projecting Tractor Supply would see an ongoing boost from rural revitalization, homesteading and self-reliance and pet ownership.<\/p>\n Recent reporting by PYMNTS shows a number of retailers seeing the effects of consumers focusing on necessities.<\/p>\n For example, healthcare giant Johnson & Johnson<\/a> said Monday (Jan. 24) it was seeing competition from lower-priced alternatives<\/a> to its products.<\/p>\n As noted here earlier this week, this is a sign that even things like medical expenses aren’t immune to the trend of consumers trading down for lower-cost options.<\/p>\n PYMNTS\u2019 study, \u201cConsumer Inflation Sentiment: Consumers Buckle Down on Belt-Tightening<\/a>,\u201d based on a survey of more than 2,600 consumers, showed that 40% of shoppers had purchased lower quality retail products to help cut back on their spending, while 37% had opted for lower quality grocery items.<\/p>\n For all PYMNTS retail coverage, subscribe to the daily\u00a0<\/em>Retail Newsletter<\/a>.<\/em><\/p>\n PYMNTS Data: Why Consumers Are Trying Digital Wallets<\/a><\/p>\n A PYMNTS study, \u201cNew Payments Options: Why Consumers Are Trying Digital Wallets\u201d finds that 52% of US consumers tried out a new payment method in 2022, with many choosing to give digital wallets a try for the first time.<\/p>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n Tractor Supply Company says consumers\u2019 embrace of its \u201cneeds-based\u201d offerings delivered strong sales in 2022. The rural lifestyle retailer released earnings Thursday (Jan. 26) showing total quarterly sales of $4 billion, up 20.7% from the final quarter of the prior year, and $14.2 billion for the year, an 11.6% increase. \u201cTractor Supply\u2019s needs-based, demand-driven business …<\/p>\n","protected":false},"author":1,"featured_media":48315,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[161],"tags":[],"_links":{"self":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/48314"}],"collection":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/comments?post=48314"}],"version-history":[{"count":0,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/posts\/48314\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media\/48315"}],"wp:attachment":[{"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/media?parent=48314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/categories?post=48314"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.brandon.ddtest.info\/multisite-test\/wp-json\/wp\/v2\/tags?post=48314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/securecdn.pymnts.com\/wp-content\/uploads\/2018\/11\/PYMNTS-Study-December-2022.jpg\")
<\/a><\/div>\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"