With big-ticket sales strengthening, Tractor Supply Co. reported higher comps in the first quarter and earnings that topped Wall Street estimates even if revenues fell just short.
An analyst consensus estimate published by Yahoo Finance called for earnings per diluted share of $1.72 and revenues of $3.4 billion.
Comparable store sales advanced 1.1% driven by a comparable average transaction count increase of 1.3% and a comparable average ticket decline of 0.2%. Comps reflected strength in seasonal merchandise partially offset by declines for year-round discretionary segments, Tractor Supply noted.
Net sales were $3.39 billion versus $3.3 billion in the year-earlier quarter. Operating income was $263.1 million versus $244.4 million in the year-prior period.
In announcing the financial results, Hal Lawton, Tractor Supply president and CEO, said, “For the first quarter, Tractor Supply’s results were in line with our expectations with positive comparable store sales and robust earnings growth. 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.”
