Tractor Supply(US:TSCO)2026-01-29 12:01Financial Performance - Fourth quarter net sales increased by 3.3% to $3.90 billion from $3.77 billion in the fourth quarter of 2024, driven by new store openings and growth in comparable store sales [4]. - Comparable store sales rose by 0.3%, compared to an increase of 0.6% in the prior year's fourth quarter, reflecting comparable average ticket growth of 0.3% [4]. - Gross profit for the fourth quarter increased by 3.0% to $1.37 billion, with a gross margin rate of 35.1% compared to 35.2% in the prior year's fourth quarter [5]. - Selling, general and administrative (SG&A) expenses increased by 6.0% to $1.07 billion, representing 27.5% of net sales, up from 26.8% in the fourth quarter of 2024 [6]. - Operating income decreased by 6.5% to $297.7 million from $318.3 million in the fourth quarter of 2024 [7]. - Net income decreased by 3.8% to $227.4 million, with diluted EPS of $0.43, down from $0.44 in the fourth quarter of 2024 [8]. - Fiscal year 2025 net sales increased by 4.3% to $15.52 billion, with comparable store sales growth of 1.2% [10]. - Net income for the fiscal twelve months ended December 27, 2025, was $1,096,087, a slight decrease from $1,101,240 for the same period in 2024 [27]. - Comparable store sales increased by 1.2% for the fiscal twelve months ended December 27, 2025, compared to a 0.2% increase in the previous year [33]. Store Expansion and Capital Expenditures - The company plans to open approximately 100 new Tractor Supply stores in fiscal year 2026, continuing Project Fusion remodels and garden center transformations [16]. - The company opened 99 new stores during the fiscal twelve months ended December 27, 2025, compared to 80 new stores in the previous year, marking a growth of 23.75% [33]. - Capital expenditures for new and relocated stores totaled $376.0 million for the fiscal twelve months ended December 27, 2025, compared to $241.2 million in 2024, representing a 55.9% increase [36]. Shareholder Returns and Cash Flow - The company returned a total of $848.5 million of capital to shareholders in fiscal 2025 through share repurchases and dividends [13]. - Cash flows from operating activities for the fiscal twelve months ended December 27, 2025, were $1,635,258, an increase from $1,420,835 in the prior year [31]. - The company repurchased shares at a cost of $360,991, down from $566,383 in the prior year, indicating a reduction of approximately 36.3% [33]. Assets and Liabilities - Total assets increased to $10,933,679 as of December 27, 2025, compared to $9,805,485 as of December 28, 2024, reflecting a growth of approximately 11.5% [29]. - Total liabilities increased to $8,352,386 as of December 27, 2025, from $7,535,151 as of December 28, 2024, reflecting a growth of approximately 10.9% [29]. Inventory and Transaction Value - The average inventory per store increased to $1,116.3 thousand for the fiscal twelve months ended December 27, 2025, compared to $1,063.7 thousand in the previous year [33]. - The average transaction value for the fiscal twelve months ended December 27, 2025, was $60.00, a slight decrease from $60.20 in the previous year [33]. Future Guidance - Fiscal year 2026 guidance includes net sales growth of 4% to 6% and diluted EPS of $2.13 to $2.23 [16].