[First Quarter 2024 Financial Highlights](index=1&type=section&id=First%20Quarter%202024%20Financial%20Highlights) [Executive Summary](index=1&type=section&id=Executive%20Summary) Tractor Supply achieved expected Q1 2024 results with comparable store sales growth and strong earnings, demonstrating market share gains and confidence in the full-year outlook - Q1 2024 performance met expectations, with **positive comparable store sales growth** and **strong profitability**[2](index=2&type=chunk) - Business showed positive signs this quarter, including **continued market share gains**, **increased transaction count**, and **strong sales of big-ticket items**[2](index=2&type=chunk) - The company remains confident in its full-year 2024 outlook, citing a **healthy and active customer base**[2](index=2&type=chunk) [Key Financial Performance Indicators](index=1&type=section&id=Key%20Financial%20Performance%20Indicators) Q1 2024 net sales grew 2.9% to $3.39 billion, comparable store sales increased 1.1%, gross margin improved 50 bps to 36.0%, and diluted EPS rose 10.9% to $1.83 Key Financial Performance Indicators | Metric | Q1 2024 | Q1 2023 | YoY Change | | :-------------------------------- | :---------- | :---------- | :----------- | | Net Sales | $3.39 billion | $3.30 billion | +2.9% | | Comparable Store Sales Growth | +1.1% | +2.1% | -1.0 pp | | Gross Profit | $1.22 billion | $1.17 billion | +4.4% | | Gross Margin | 36.0% | 35.5% | +50 bps | | Selling, General & Administrative Expenses (SG&A) | $957.7 million | $925.5 million | +3.5% | | SG&A as % of Net Sales | 28.2% | 28.1% | +16 bps | | Operating Income | $263.1 million | $244.4 million | +7.6% | | Effective Income Tax Rate | 21.1% | 21.0% | +0.1 pp | | Net Income | $198.2 million | $183.1 million | +8.2% | | Diluted Earnings Per Share (EPS) | $1.83 | $1.65 | +10.9% | - Comparable store sales growth was primarily driven by a **1.3% increase in comparable average transaction count**, partially offset by a **0.2% decrease in comparable average ticket**[3](index=3&type=chunk) - Gross margin improvement was mainly attributed to **continuously lower transportation costs**, **disciplined product cost management**, and the **ongoing execution of everyday low-price strategies**[4](index=4&type=chunk) - The company repurchased approximately **0.5 million shares** of common stock for **$117.4 million** and paid **$118.8 million** in quarterly cash dividends, returning a total of **$236.2 million** to shareholders in Q1[9](index=9&type=chunk) [Fiscal Year 2024 Financial Outlook](index=2&type=section&id=Fiscal%20Year%202024%20Financial%20Outlook) Tractor Supply reaffirms FY2024 guidance with net sales projected between $14.7 billion and $15.1 billion, comparable store sales growth of -1.0% to +1.5%, and diluted EPS of $9.85 to $10.50 Fiscal Year 2024 Financial Outlook | Metric | Range | | :-------------------- | :-------------------- | | Net Sales | $14.7 billion to $15.1 billion | | Comparable Store Sales | (1.0%) to +1.5% | | Operating Margin | 9.7% to 10.1% | | Net Income | $1.06 billion to $1.13 billion | | Diluted Earnings Per Share | $9.85 to $10.50 | - 2024 capital plans include opening approximately **80 new Tractor Supply stores**, continuing Project Fusion remodels and garden center transformations, opening the company's **10th distribution center**, and opening **10 to 15 new Petsense by Tractor Supply stores**[11](index=11&type=chunk) [Detailed Financial Statements](index=5&type=section&id=Detailed%20Financial%20Statements) [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Q1 2024 net sales reached $3.39 billion, gross profit was $1.22 billion (35.96% margin), operating income $263.1 million, net income $198.2 million, and diluted EPS $1.83 Consolidated Statements of Income | Metric | March 30, 2024 (Thousands of USD) | % of Net Sales | April 1, 2023 (Thousands of USD) | % of Net Sales | | :----------------------------------- | :------------- | :------------- | :------------ | :------------- | | Net Sales | 3,394,834 | 100.00% | 3,299,225 | 100.00% | | Cost of Merchandise Sold | 2,173,980 | 64.04% | 2,129,317 | 64.54% | | Gross Profit | 1,220,854 | 35.96% | 1,169,908 | 35.46% | | Selling, General & Administrative Expenses | 853,436 | 25.14% | 828,235 | 25.10% | | Depreciation and Amortization | 104,293 | 3.07% | 97,233 | 2.95% | | Operating Income | 263,125 | 7.75% | 244,440 | 7.41% | | Interest Expense, Net | 11,902 | 0.35% | 12,680 | 0.38% | | Income Before Income Taxes | 251,223 | 7.40% | 231,760 | 7.03% | | Income Tax Expense | 53,056 | 1.56% | 48,672 | 1.48% | | Net Income | 198,167 | 5.84% | 183,088 | 5.55% | | Diluted Earnings Per Share | 1.83 | | 1.65 | | [Consolidated Statements of Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Q1 2024 total comprehensive income was $197.4 million, slightly below net income due to negative fair value changes in interest rate swaps Consolidated Statements of Comprehensive Income | Metric | March 30, 2024 (Thousands of USD) | April 1, 2023 (Thousands of USD) | | :------------------------------------------ | :------------- | :------------ | | Net Income | 198,167 | 183,088 | | Change in Fair Value of Interest Rate Swaps, Net of Tax | (731) | (1,837) | | Total Comprehensive Income | 197,436 | 181,251 | [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) As of March 30, 2024, total assets increased to $9.55 billion, driven by property, equipment, ROU assets, and inventory, with total liabilities at $7.43 billion and equity at $2.12 billion Consolidated Balance Sheets | Metric | March 30, 2024 (Thousands of USD) | April 1, 2023 (Thousands of USD) | | :-------------------------------- | :--------------------- | :-------------------- | | Cash and Cash Equivalents | 264,085 | 190,078 | | Inventories | 3,048,719 | 3,030,712 | | Total Current Assets | 3,519,484 | 3,458,921 | | Property and Equipment, Net | 2,496,948 | 2,144,769 | | Operating Lease Right-of-Use Assets | 3,188,973 | 2,950,610 | | Total Assets | 9,554,954 | 8,848,815 | | Total Current Liabilities | 2,517,755 | 2,349,700 | | Long-Term Debt | 1,729,715 | 1,601,563 | | Total Liabilities | 7,430,943 | 6,934,269 | | Total Stockholders' Equity | 2,124,011 | 1,914,546 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2024 net cash from operating activities significantly increased to $257.4 million, with investing activities using $152.3 million and financing activities using $238.1 million for buybacks and dividends Consolidated Statements of Cash Flows | Metric | March 30, 2024 (Thousands of USD) | April 1, 2023 (Thousands of USD) | | :------------------------------------ | :--------------------- | :-------------------- | | Net Cash Provided by Operating Activities | 257,408 | 19,554 | | Net Cash Used in Investing Activities | (152,256) | (157,684) | | Net Cash (Used in)/Provided by Financing Activities | (238,138) | 125,706 | | Net Decrease in Cash and Cash Equivalents | (132,986) | (12,424) | | Cash and Cash Equivalents, End of Period | 264,085 | 190,078 | - The significant increase in operating cash flow was primarily driven by an increase in accounts payable, reaching **$335.9 million** in Q1 2024 compared to **$128.3 million** in Q1 2023[25](index=25&type=chunk) - Capital expenditures in Q1 2024 were **$157.2 million**, largely consistent with **$157.9 million** in Q1 2023[25](index=25&type=chunk) [Operational and Store Information](index=2&type=section&id=Operational%20and%20Store%20Information) [Company Profile and Store Network](index=3&type=section&id=Company%20Profile%20and%20Store%20Network) Tractor Supply is the largest rural lifestyle retailer in the US, operating 2,233 Tractor Supply stores across 49 states and 202 Petsense stores in 23 states as of March 30, 2024 - Tractor Supply is the **largest rural lifestyle retailer in the U.S.**, serving a broad customer base including hobby farmers, ranchers, homeowners, gardeners, and pet owners[14](index=14&type=chunk) Store Network | Store Type | Number of Stores (as of March 30, 2024) | States Covered | | :------------------------ | :-------------------------- | :------- | | Tractor Supply | 2,233 | 49 | | Petsense by Tractor Supply | 202 | 23 | | **Consolidated Total** | **2,435** | | [Store Openings and Capital Allocation](index=2&type=section&id=Store%20Openings%20and%20Capital%20Allocation) In Q1 2024, Tractor Supply opened 17 new Tractor Supply stores and 4 Petsense stores, with capital expenditures totaling $157.2 million primarily for new stores, remodels, and IT New Store Openings | Store Type | New Store Openings (Q1 2024) | | :------------------------ | :-------------------------- | | Tractor Supply | 17 | | Petsense by Tractor Supply | 4 | Capital Expenditures | Category | March 30, 2024 (Millions of USD) | April 1, 2023 (Millions of USD) | | :------------------------------------------ | :------------------------ | :----------------------- | | New, Relocated, and Not Yet Opened Stores | 61.7 | 33.2 | | Existing Stores | 57.8 | 83.0 | | Information Technology | 24.4 | 21.9 | | Distribution Center Capacity and Improvements | 13.1 | 19.6 | | Corporate and Other | 0.2 | 0.2 | | **Total** | **157.2** | **157.9** | [Selected Operating Metrics](index=9&type=section&id=Selected%20Operating%20Metrics) Q1 2024 comparable store sales grew 1.1%, driven by a 1.3% increase in comparable average transaction count, partially offset by a 0.2% decrease in average ticket Selected Operating Metrics | Metric | March 30, 2024 | April 1, 2023 | | :------------------------------------------ | :------------- | :------------ | | Comparable Store Sales Growth | 1.1% | 2.1% | | New Store Sales (% of Total Sales) | 1.8% | 4.3% | | Average Transaction Value | $58.66 | $58.92 | | Comparable Store Average Transaction Value (Decrease)/Increase | (0.2)% | 2.8% | | Comparable Store Average Transaction Count (Decrease)/Increase | 1.3% | (0.7)% | | Total Selling Square Footage (Thousands) | 38,136 | 37,532 | | Exclusive Brands (% of Total Sales) | 29.7% | 31.1% | | Imported Merchandise (% of Total Sales) | 11.4% | 11.0% | | Average Inventory Per Store (Thousands of USD) | $1,184.0 | $1,229.8 | | Inventory Turnover (Annualized) | 3.13 | 3.14 | - In Q1 2024, stock repurchase costs totaled **$118.5 million**, with an average repurchase price of **$236.57 per share**[27](index=27&type=chunk) [Additional Information](index=2&type=section&id=Additional%20Information) [Conference Call Details](index=2&type=section&id=Conference%20Call%20Details) Tractor Supply Company held a conference call on April 25, 2024, at 10 AM ET, with webcast and investor presentation available on IR.TractorSupply.com and replay provided - The conference call was held on **April 25, 2024, at 10:00 AM ET**[12](index=12&type=chunk) - A webcast and investor presentation are available on **IR.TractorSupply.com**, with a replay provided after the call[12](index=12&type=chunk)[13](index=13&type=chunk) [Forward-Looking Statements Disclaimer](index=4&type=section&id=Forward-Looking%20Statements%20Disclaimer) This release contains forward-looking statements subject to risks and uncertainties, where actual results may differ materially from expectations, as detailed in SEC filings - Forward-looking statements are subject to **risks and uncertainties**, where actual results may differ materially from expectations[16](index=16&type=chunk) - Readers should exercise caution with these forward-looking statements, as they are valid only as of the date of their release[16](index=16&type=chunk) - The company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances after the release date, unless required by law[16](index=16&type=chunk)

Tractor Supply Co (NASDAQ: TSCO) is trading up in premarket on Thursday after coming in ahead of Street estimates for per-share earnings in its first financial quarter. Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.Here’s what $TSCO expects for its fiscal 2024Copy link to sectionThe chain of retail stores did somewhat impress in terms of guidance as well that’s adding to the upward pressure on its stock at writing. Tractor Supply forecasts its net s ...

Tractor Supply Company (TSCO) is likely to register an increase in the top and bottom lines when it reports first-quarter 2024 results on Apr 25, before market open. The Zacks Consensus Estimate for revenues is pegged at $3.40 billion, indicating a 3% jump from the year-ago reported figure.The bottom line of the largest rural lifestyle retailer in the United States is expected to have risen year over year. The Zacks Consensus Estimate for earnings per share for the first quarter has remained stable at $1.70 ...

This shareholder-friendly company looks poised to keep on winning over the next five years and beyond.Tractor Supply (TSCO 0.00%) recently reminded investors of one of the reasons why it's a great long-term investment for income investors. In February, the rural lifestyle retailer announced it was raising its dividend, marking its 15th year in a row of dividend increases and putting the dividend far higher than it was just a few years ago.Though the stock has risen sharply in 2024, shares arguably continue ...

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Tractor Supply (TSCO) , which belongs to the Zacks Retail - Miscellaneous industry.This retailer for farmers and ranchers has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 2.67%.For the most recent quarter, Tractor Supply was expecte ...

Avalon_Studio About the Company Tractor Supply (NASDAQ:TSCO) is a retailer focused on farming and agricultural tools and supplies. Additionally, the company also sells pet and livestock products, as well as general outdoor merchandise and gardening items. As of the end of fiscal year 2023 the company operated more than 2,400 retail stores in 49 states, this includes just over 2,200 Tractor Supply Stores and just under 200 Petsense stores. Management has stated in their most recent earnings call they pla ...

Tractor Supply Company (TSCO) is on a growth track, backed by its focus on integrating its physical and digital operations to offer consumers a seamless shopping experience. It is persistently focusing on its growth initiatives, which include the expansion of its store base and the incorporation of technological advancements to boost traffic and drive the top line.Additionally, the company’s Life Out Here Strategy, ‘ONETractor’ Strategy, Neighbor’s Club membership program and healthy product demand bode wel ...

BRENTWOOD, Tenn.--(BUSINESS WIRE)--Tractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retailer in the United States, has announced enhancements to its Neighbor’s Club loyalty program. Starting this month, more than 30 million Neighbor’s Club members will receive rewards faster and enjoy easier tier qualification, among other benefits. Tractor Supply will also offer active military, veterans and first responders special benefits starting later this summer. Neighbor’s Club enhancements incl ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from________to________. Commission file number 000-23314 TRACTOR SUPPLY COMPANY (Exact name of registrant as specified in its charter) Delaware 13-3139732 Securities Re ...

BRENTWOOD, Tenn.--(BUSINESS WIRE)--Tractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retailer in the United States, announced today it has been ranked first in customer satisfaction in the specialty retailer category according to the American Customer Satisfaction Index (ACSI®) Retail and Consumer Shipping Study 2023-2024. Tractor Supply is one of four specialty retailers to achieve a leading score of 82. This is the company’s first appearance in the index, which measures and analyzes custo ...