Press release
Tractor Supply Company Reports First Quarter 2024 Financial Results; Reiterates Fiscal 2024 Financial Outlook
BRENTWOOD, Tenn.--(BUSINESS WIRE)-- Tractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retailer in the United States (the “Company”), today
About this update from Tractor Supply Company
[{"type":"text","content":" BRENTWOOD, Tenn.--(BUSINESS WIRE)--\nTractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retailer in the United States (the “Company”), today reported financial results for its first quarter ended March 30, 2024.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240425331896/en/\n\nNet Sales Increase of 2.9% to $3.39 Billion\n\n\n\nComparable Store Sales Increase of 1.1%, Led by Transaction Growth\n\n\n\nDiluted Earnings per Share (“EPS”) of $1.83, a 10.9% Increase Over Prior Year\n\n\n\nCompany Reiterates 2024 Financial Outlook\n\n\n\n“For the first quarter, Tractor Supply’s results were in line with our expectations with positive comparable store sales and robust earnings growth. I want to thank our more than 50,000 Team Members for their enduring commitment to living our Mission and Values and providing exceptional customer service, which allowed us to deliver solid financial performance in the first quarter. We saw several positive signs in our business during the quarter, including ongoing market share gains, transaction growth and strength in big ticket sales. Most importantly, we believe that our customer base remains healthy and engaged. We remain confident in our outlook for 2024 given our share gains and the continued scaling of our Life Out Here strategy. We remain committed to disciplined investments to capture the significant long-term growth opportunities in our market,” said Hal Lawton, President and Chief Executive Officer of Tractor Supply.\n\n\nFirst Quarter 2024 Results\n\n\nNet sales for the first quarter of 2024 increased 2.9% to a record $3.39 billion from $3.30 billion in the first quarter of 2023. The increase in net sales was driven by new store openings and growth in comparable store sales. Comparable store sales increased 1.1%, as compared to an increase of 2.1% in the prior year’s first quarter, driven by a comparable average transaction count increase of 1.3% and a comparable average ticket decline of 0.2%. Comparable store sales growth reflects strength in seasonal merchandise, partially offset by declines for year-round discretionary categories. Consumable, usable and edible products performed in line with the Company’s overall comparable store sales increase.\n\n\nGross profit increased 4.4% to $1.22 billion from $1.17 b...