Tractor Supply(US:TSCO)2024-04-25 18:22Financial Performance - Net sales increased by 2.9%[18], reaching $3.4 billion[18] - CUE performance aligned with overall company results at 1.1%[6] - Gross margin expanded by 50 bps to 35.5%[19] in Q1 2024 compared to 28.2%[19] in Q1 2023 - Operating margin increased by 34 bps from 7.4%[8] in Q1 2023 to 7.8%[8] in Q1 2024 - Net income grew by 8.2%[8], from $183 million[8] in Q1 2023 to $198 million[8] in Q1 2024 - Diluted EPS increased by 10.9%[8], from $1.65[8] in Q1 2023 to $1.83[8] in Q1 2024 Expenses - SG&A expenses as a percentage of net sales experienced 16 bps of deleverage[7], with the percentage for Q1 2024 being 36.0%[7] Guidance - The company reiterated its 2024 guidance for comparable store sales, projecting a range of (1.0%) to +1.5%[22] - The company reiterated its 2024 guidance for diluted earnings per share, projecting a range of $9.85 to $10.50[22] Other Updates - Continued construction on the 10th and largest distribution center in Maumelle, AR[20]