With Net Sales increasing by 42.5%, how does Tractor Supply keep growing?
16 months ago, Tractor Supply brought in CEO Hal Lawton, the former President of Macy’s. With Covid dampening sales, Lawton made substantial investments in digital offerings and e-commerce capabilities. Those investments have paid off handsomely.
For 4 consecutive quarters, the company’s e-commerce division has seen triple-digit growth, boosting Net Income 116.5% from $83.8 million in 2020 Q1 to $181.4 million in 2021 Q1.
Tractor Supply describes itself as “the largest rural lifestyle retailer in the United States, serving recreational farmers, ranchers, and those who enjoy the rural lifestyle.”
It’s clear from Tractor Supply’s performance, that e-commerce and technological innovation is happening in every industry, and those at the cutting edge are reaping serious first-mover advantages.
Will rental companies that take advantage of e-commerce technology see similar growth?