This summer has been one of our busiest ever as we continue to grow our sales and expand our customer offerings. We had strong sales in May and June. We’ve seen some significant pressure on our margins and expenses so far this year, but those have started trending in a better direction in the last few months.

Our project pipeline for the Brickyard customers looks very strong through the next quarter, and the feed stores have taken decisive action to turn around sales in specific categories like hay where we’ve experienced some market headwinds. Thank you to everyone for all your hard work to get us back on track after the rainy winter.

A focus going forward will be to eliminate ‘dead’ inventory that has been on our shelves for a while and is not selling. The store managers have done a great job in the last couple months of highlighting this inventory and making an extra effort to get it sold. The Brickyards have reduced their dead inventory by more than 10% in the last 30 days, and Concord Feed and Rainbow Ag stores have made steady improvements. Thank you to everyone for giving this our focus, and special thanks to James Mayfield for the detailed reporting that we can use to help identify these items.

As the summer continues, please ensure you and your teams are taking necessary precautions with the heat. Stay hydrated, take regular breaks in cooler areas, and please keep an eye on your teammates to ensure they’re doing the same.
We have a lot to be excited about as we pass the midpoint of the year, and I am grateful to everyone for all your efforts to make 2024 successful!

-Josh Johnson