Tractor Supply Company on Thursday announced plans to expand its store footprint but lowered its guidance for the year. In Q2, net sales rose 7.2% year over year to $4.2 billion, driven by its acquisition of Orscheln Farm and Home, new store openings and 2.5% comp sales growth.
Some analysts saw Tractor Supply’s second quarter as soft, missing expectations for sales and earnings. But Telsey Advisory Group analysts led by Joseph Feldman noted that several key initiatives — its planned store growth; addition of lawn and garden centers in many stores; store remodel plans; growing focus on pet supplies; expanded omnichannel capabilities; growth in its loyalty program; and supply chain improvements — are working in its favor.
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