Even in the face of an 8.6% net sales decline in Q4 2023, Tractor Supply still plans to open up to 95 brick-and-mortar stores in 2024, as well as complete its 10th distribution center. Comp store sales in Q4 dipped 4.2%; for the full year of 2023, Tractor Supply’s net sales increased 2.5%, while comp store sales remained even with the prior year.
The retailer plans to open approximately 80 Tractor Supply stores and 10 to 15 stores under its small-box pet supply banner, Petsense by Tractor Supply. This aggressive capital expansion is in line with the plans Tractor Supply revealed in July 2023: to eventually operate 3,000 stores in the U.S., which would represent significant growth from its current footprint of approximately 2,200 locations.
“As we recently marked Tractor Supply’s milestone 85th anniversary, my thanks and appreciation go out to our more than 50,000 team members for their dedication to ‘Life Out Here’ and for living our mission and values,” said Hal Lawton, President and CEO of Tractor Supply in a statement. “While our financial performance in 2023 did not meet our initial expectations, our team successfully navigated a highly dynamic environment with agility, operational resiliency and a focus on our strategic investments. As we exit 2023, our business has never been stronger.”
In November 2022 Tractor Supply partnered with DoorDash to offer on-demand delivery from nearly 2,000 of its stores.