Tractor Supply Company NASDAQ: TSCO) an American retail chain of stores headquartred in Tennessee is up 10% yesterady and expected to gain another 5-10% today on a great Q1 report. The Q1 2020 results come after a positive information that they will hire 5,000 and extend its $2-per-hour wage increase for frontline hourly workers from April 25 to May 9.
Early today Tractor Supply stated that Q1 of 2020, net sales increased to $1.96 billion from $1.82 billion in the first quarter of 2019, which is a 7.5% in crease YoY. Comparable store sales increased 4.3% compared to a 5.0% increase in the prior year’s first quarter.
Starting in early March, the Company benefited from strong sales as consumers stocked up on core everyday consumable, usable and edible merchandise categories related to the COVID-19 pandemic. If we look at March period only, overall comparable store sales increased 12% above the prior year with key consumable categories up more than 20%.
“During these unprecedented times, I am incredibly proud of how the Tractor Supply team has responded to take care of each other and our customers. As an essential, needs-based retailer, Tractor Supply is committed to supporting our customers’ ability to take care of their families, property and animals,” said Hal Lawton, Tractor Supply’s President and CEO. ”Looking beyond the current crisis, we are confident that we will emerge stronger.”-he added.