Tractor Supply Co. (Brentwood, Tenn.) says it plans to open up to 70 new stores in 2023. The company, which describes itself as the largest rural lifestyle retailer in the United States, provided those figures in its financial results for the quarter ended April 1.
The company said its anticipated capital expenditures for 2023 include plans to open a total of about 70 Tractor Supply stores, complete the conversion of 81 Orscheln Farm and Home conversions to Tractor Supply, continue the Project Fusion remodels and garden center transformations, and open a total of 10 to 15 new Petsense by Tractor Supply stores.
As for its financial results for its most recent quarter, the company, reported net sales Increased 9.1 percent to $3.30 billion and comparable store sales Increased 2.1 percent.
“We believe that our customer remains healthy, as evidenced by positive comparable transactions in our last two months, and that we continue to gain market share. As spring has arrived across our markets, we are pleased with the improved sales trends we are seeing. With the majority of the year ahead of us and given our track record of nimbly managing the business, we are confirming our financial outlook for fiscal 2023,” said Hal Lawton, President and CEO.
The company opened 17 new Tractor Supply stores and three new Petsense by Tractor Supply stores in the first quarter of 2023.
As of April 1, the company operated 2164 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 2023, and 189 Petsense by Tractor Supply stores in 23 states.