Tractor Supply Company Reports Fourth Quarter and Fiscal Year 2024 Financial Results; Provides Fiscal Year 2025 Outlook
Tractor Supply Company (NASDAQ: TSCO) reported its Q4 and fiscal 2024 results, showing growth despite challenging retail conditions. Q4 net sales increased 3.1% to $3.77 billion, with comparable store sales up 0.6%. The company's Q4 diluted EPS was $0.44, down from $0.46 in 2023.
For fiscal 2024, net sales grew 2.2% to $14.88 billion with a 0.2% increase in comparable store sales. The company achieved diluted EPS of $2.04, up 1.1% from 2023. During the year, TSCO returned over $1 billion to shareholders through share repurchases ($560.8 million) and dividends ($472.5 million).
Looking ahead to 2025, TSCO projects net sales growth of 5-7%, comparable store sales growth of 1-3%, and diluted EPS of $2.10-$2.22. The company plans to open approximately 90 new Tractor Supply stores and 10 new Petsense locations in 2025.
Tractor Supply Company (NASDAQ: TSCO) ha riportato i risultati del quarto trimestre e dell'anno fiscale 2024, evidenziando una crescita nonostante le difficili condizioni del retail. Le vendite nette del Q4 sono aumentate del 3,1% raggiungendo i 3,77 miliardi di dollari, con un incremento delle vendite nei negozi comparabili dello 0,6%. L'utile per azione diluito dell'azienda per il Q4 è stato di 0,44 dollari, in calo rispetto a 0,46 dollari del 2023.
Per l'anno fiscale 2024, le vendite nette sono cresciute del 2,2% raggiungendo i 14,88 miliardi di dollari, con un aumento dello 0,2% nelle vendite dei negozi comparabili. L'azienda ha realizzato un utile per azione diluito di 2,04 dollari, in crescita dell'1,1% rispetto al 2023. Durante l'anno, TSCO ha restituito oltre 1 miliardo di dollari agli azionisti attraverso il riacquisto di azioni (560,8 milioni di dollari) e dividendi (472,5 milioni di dollari).
Guardando al 2025, TSCO prevede una crescita delle vendite nette compresa tra il 5% e il 7%, una crescita delle vendite nei negozi comparabili tra l'1% e il 3%, e un utile per azione diluito tra 2,10 e 2,22 dollari. L'azienda prevede di aprire circa 90 nuovi negozi Tractor Supply e 10 nuove sedi Petsense nel 2025.
Tractor Supply Company (NASDAQ: TSCO) informó sobre sus resultados del cuarto trimestre y del año fiscal 2024, mostrando un crecimiento a pesar de las desafiantes condiciones del comercio minorista. Las ventas netas del Q4 aumentaron un 3,1% alcanzando los 3,77 mil millones de dólares, con un incremento del 0,6% en las ventas de tiendas comparables. Las ganancias por acción diluidas de la empresa en el Q4 fueron de 0,44 dólares, bajando desde 0,46 dólares en 2023.
Para el año fiscal 2024, las ventas netas crecieron un 2,2% alcanzando los 14,88 mil millones de dólares, con un aumento del 0,2% en las ventas de tiendas comparables. La empresa logró una utilidad por acción diluida de 2,04 dólares, un incremento del 1,1% respecto a 2023. Durante el año, TSCO devolvió más de 1 mil millones de dólares a los accionistas a través de recompras de acciones (560,8 millones de dólares) y dividendos (472,5 millones de dólares).
Con la vista puesta en 2025, TSCO proyecta un crecimiento de ventas netas del 5% al 7%, un crecimiento de ventas de tiendas comparables del 1% al 3% y una utilidad por acción diluida de 2,10 a 2,22 dólares. La empresa planea abrir aproximadamente 90 nuevas tiendas de Tractor Supply y 10 nuevas ubicaciones de Petsense en 2025.
Tractor Supply Company (NASDAQ: TSCO)는 4분기 및 2024 회계연도 결과를 발표하며 어려운 소매 환경 속에서도 성장을 보여주었습니다. 4분기 순매출은 3.1% 증가한 37억 7천만 달러였으며, 같은 매장 매출은 0.6% 증가했습니다. 회사의 4분기 희석 주당 순이익은 0.44달러로, 2023년의 0.46달러에서 하락했습니다.
2024 회계연도 동안 순매출은 2.2% 증가하여 148억 8천만 달러에 달했고, 같은 매장 매출은 0.2% 증가했습니다. 회사는 2.04달러의 희석 주당 순이익을 달성했으며, 이는 2023년 대비 1.1% 증가한 수치입니다. TSCO는 올해 동안 주주들에게 10억 달러 이상을 주식 매입(5억 6천만 달러)과 배당금(4억 7천2백5십만 달러)을 통해 반환했습니다.
2025년을 바라보며, TSCO는 순매출 증가율을 5-7%, 같은 매장 매출 증가율을 1-3%, 희석 주당 순이익을 2.10-2.22달러로 예상하고 있습니다. 회사는 2025년에 약 90개의 새로운 Tractor Supply 매장과 10개의 새로운 Petsense 매장을 열 계획입니다.
Tractor Supply Company (NASDAQ: TSCO) a annoncé ses résultats du quatrième trimestre et de l'exercice fiscal 2024, montrant une croissance malgré des conditions de vente au détail difficiles. Les ventes nettes du Q4 ont augmenté de 3,1 % pour atteindre 3,77 milliards de dollars, avec une augmentation des ventes dans les magasins comparables de 0,6 %. Le BPA dilué de l'entreprise pour le Q4 était de 0,44 dollar, en baisse par rapport à 0,46 dollar en 2023.
Pour l'exercice fiscal 2024, les ventes nettes ont augmenté de 2,2 % pour atteindre 14,88 milliards de dollars, avec une hausse de 0,2 % des ventes dans les magasins comparables. L'entreprise a réalisé un BPA dilué de 2,04 dollars, en hausse de 1,1 % par rapport à 2023. Au cours de l'année, TSCO a restitué plus d'un milliard de dollars aux actionnaires par le biais de rachats d'actions (560,8 millions de dollars) et de dividendes (472,5 millions de dollars).
En prévision de 2025, TSCO prévoit une croissance des ventes nettes de 5 à 7 %, une croissance des ventes dans les magasins comparables de 1 à 3 %, et un BPA dilué de 2,10 à 2,22 dollars. L'entreprise prévoit d'ouvrir environ 90 nouveaux magasins Tractor Supply et 10 nouvelles emplacements Petsense en 2025.
Tractor Supply Company (NASDAQ: TSCO) berichtete über seine Ergebnisse des vierten Quartals und des Geschäftsjahres 2024 und zeigte ein Wachstum trotz herausfordernder Einzelhandelsbedingungen. Die Nettoumsätze im Q4 stiegen um 3,1 % auf 3,77 Milliarden Dollar, wobei die vergleichbaren Umsätze in den Geschäften um 0,6 % zunahmen. Das verwässerte Ergebnis je Aktie des Unternehmens betrug im Q4 0,44 Dollar, was einem Rückgang von 0,46 Dollar im Jahr 2023 entspricht.
Für das Geschäftsjahr 2024 stiegen die Nettoumsätze um 2,2 % auf 14,88 Milliarden Dollar, mit einem Anstieg von 0,2 % bei den vergleichbaren Umsätzen in den Geschäften. Das Unternehmen erzielte ein verwässertes Ergebnis je Aktie von 2,04 Dollar, was einem Anstieg von 1,1 % im Vergleich zu 2023 entspricht. Im Laufe des Jahres gab TSCO über 1 Milliarden Dollar an die Aktionäre zurück, durch den Rückkauf von Aktien (560,8 Millionen Dollar) und Dividenden (472,5 Millionen Dollar).
Für 2025 prognostiziert TSCO ein Wachstum der Nettoumsätze von 5-7 %, ein Wachstum der vergleichbaren Umsätze von 1-3 % und ein verwässertes Ergebnis je Aktie von 2,10-2,22 Dollar. Das Unternehmen plant, etwa 90 neue Tractor Supply-Filialen und 10 neue Petsense-Standorte im Jahr 2025 zu eröffnen.
- Q4 net sales increased 3.1% to $3.77 billion
- Fiscal 2024 net sales grew 2.2% to $14.88 billion
- Returned over $1 billion to shareholders in 2024
- Digital sales exceeded $1 billion
- Positive 2025 guidance with projected 5-7% net sales growth
- Q4 diluted EPS decreased 3.3% to $0.44
- Q4 operating income declined to $318.3M from $334.2M
- Q4 net income decreased 4.6% to $236.4M
- Operating margin expected to decline due to strategic investments
- Modest comparable store sales growth of only 0.2% in 2024
Insights
TSCO's Q4 and FY2024 results reveal a company successfully navigating retail headwinds while investing in future growth. The
The marginal
The 2025 outlook signals confidence in growth acceleration, with projected
The company's capital allocation remains shareholder-friendly, with
-
Fourth Quarter Net Sales Increased
3.1% with Comparable Store Sales Increase of0.6% with Strong Comparable Average Transaction Growth of2.3% -
Fiscal Year 2024 Net Sales Increased
2.2% with Comparable Store Sales Increase of0.2% -
Fourth Quarter Diluted Earnings per Share (“EPS”) of
$0.44 $2.04 -
Returned More than
$1 Billion -
Company Provides Fiscal Year 2025 Guidance with Net Sales Growth in the Mid-Single Digits and Diluted EPS Outlook of
$2.10 $2.22
“In 2024, our business performed well in a challenging retail environment, and we made significant progress on our Life Out Here strategy. We achieved numerous milestones during the year, including having about half of our stores in the Project Fusion layout and opening our 10th and largest distribution center. The fundamentals of our business remain strong with ongoing market share gains, record Neighbor’s Club members, digital sales in excess of
“We enter the back half of the decade with momentum and opportunity. Our existing initiatives are creating value and have continued runway for growth. Our recently announced Life Out Here 2030 strategy represents significant opportunities to continue to gain market share in a growing total addressable market. Our acquisition of Allivet, a leading online pet pharmacy, is a great example of unlocking new opportunities for growth. We expect our 2025 comparable store sales to improve throughout the year as the macro headwinds impacting our business abate. We remain excited about our bright future and are committed to delivering sustained long-term value creation for our shareholders," said Lawton.
Fourth Quarter 2024 Results
Net sales for the fourth quarter of 2024 increased
Gross profit increased
Selling, general and administrative (“SG&A”) expenses, including depreciation and amortization, increased
Operating income was
The effective income tax rate was
Net income decreased
The Company repurchased approximately 2.7 million shares of its common stock for
The Company opened 26 new Tractor Supply stores and four Petsense by Tractor Supply stores in the fourth quarter of 2024.
Fiscal Year 2024 Results
Net sales for fiscal 2024 increased
Gross profit increased
SG&A expenses, including depreciation and amortization, increased
Operating income decreased
The effective income tax rate was
Net income decreased
In fiscal 2024, the Company repurchased approximately 10.6 million shares of its common stock for
During fiscal 2024, the Company opened 80 new Tractor Supply stores and 11 new Petsense by Tractor Supply stores and closed three Petsense by Tractor Supply stores.
Fiscal Year 2025 Financial Outlook
The Company is providing its financial guidance for fiscal 2025. This outlook is based on what the Company can reasonably predict at this time.
For fiscal 2025, the Company expects the following:
Net Sales |
+ |
Comparable Store Sales |
+ |
Operating Margin Rate |
|
Net Income |
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Earnings per Diluted Share |
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Capital Expenditures, Net of Sale Leaseback Proceeds |
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Share Repurchases |
|
The Company’s operating margin outlook reflects 15 to 20 basis points of investments for its Life Out Here 2030 strategic initiatives. Capital plans for 2025 include opening a total of approximately 90 Tractor Supply stores, continuing Project Fusion remodels and garden center transformations, building its 11th distribution center and opening a total of 10 new Petsense by Tractor Supply stores. The fiscal year 2025 guidance includes benefits from the Company’s acquisition of Allivet and ongoing sale-leaseback transactions which the Company anticipates will be in line with the prior year’s transactions.
Conference Call Information
Tractor Supply Company will hold a conference call today, Thursday, January 30, 2025 at 10 a.m. ET. The call will be webcast live at IR.TractorSupply.com. An investor presentation will be available on the investor relations section of the Company’s website at least 15 minutes prior to the conference call.
Please allow extra time prior to the call to visit the site and download the streaming media software required to listen to the webcast.
A replay of the webcast will also be available at IR.TractorSupply.com shortly after the conference call concludes.
About Tractor Supply Company
For more than 85 years, Tractor Supply Company (NASDAQ: TSCO) has been passionate about serving the needs of recreational farmers, ranchers, homeowners, gardeners, pet enthusiasts and all those who enjoy living Life Out Here. Tractor Supply is the largest rural lifestyle retailer in the
As part of the Company’s commitment to caring for animals of all kinds, Tractor Supply is proud to include Petsense by Tractor Supply, a pet specialty retailer, and Allivet, a leading online pet pharmacy, in its family of brands. Together, Tractor Supply is able to provide comprehensive solutions for pet care, livestock wellness and rural living, ensuring customers and their animals thrive. From its stores to the customer’s doorstep, Tractor Supply is here to serve and support Life Out Here.
As of December 28, 2024, the Company operated 2,296 Tractor Supply stores in 49 states and 206 Petsense by Tractor Supply stores in 23 states. For more information, visit www.tractorsupply.com and www.Petsense.com.
Forward-Looking Statements
This press release contains certain forward-looking statements, including statements regarding market share gains, value creation, customer trends, new stores and distribution centers, property development plans, return of capital, and financial guidance for 2025, including net sales, comparable store sales, operating margin rates, net income, earnings per diluted share, capital expenditures and plans, share repurchase, and sale-leaseback transactions. All forward-looking statements are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, are subject to the finalization of the Company’s quarterly financial and accounting procedures, and may be affected by certain risks and uncertainties, any one, or a combination, of which could materially affect the results of the Company’s operations. Forward-looking statements are usually identified by or are associated with such words as “will,” “would,” “intend,” “expect,” “continue,” “believe,” “anticipate,” “optimistic,” “forecasted” and similar terminology. Actual results could vary materially from the expectations reflected in these statements. As with any business, all phases of our operations are subject to facts outside of our control. These factors include, without limitation, those factors discussed in the “Risk Factors” section of the Company’s Annual Reports or Form 10-K and other filings with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the quarter ended September 28, 2024. Forward-looking statements made by or on behalf of the Company are based on knowledge of its business and the environment in which it operates, but because of the factors listed above, actual results could differ materially from those reflected by any forward-looking statements. Consequently, all of the forward-looking statements made are qualified by these cautionary statements and those contained in the Company’s Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the Securities and Exchange Commission. There can be no assurance that the results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Company or its business and operations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.
(Financial tables to follow)
Consolidated Statements of Income (Unaudited) (in thousands, except per share and percentage data) |
|||||||||||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||||||||||
|
December 28,
|
|
December 30,
|
|
December 28,
|
|
December 30,
|
||||||||||||||||
|
|
|
% of |
|
|
|
% of |
|
|
|
% of |
|
|
|
% of |
||||||||
|
|
|
Net |
|
|
|
Net |
|
|
|
Net |
|
|
|
Net |
||||||||
|
|
|
Sales |
|
|
|
Sales |
|
|
|
Sales |
|
|
|
Sales |
||||||||
Net sales |
$ |
3,773,531 |
|
100.00 |
% |
|
$ |
3,659,841 |
|
100.00 |
% |
|
$ |
14,883,231 |
|
100.00 |
% |
|
$ |
14,555,741 |
|
100.00 |
% |
Cost of merchandise sold |
|
2,443,901 |
|
64.76 |
|
|
|
2,366,778 |
|
64.67 |
|
|
|
9,486,674 |
|
63.74 |
|
|
|
9,327,522 |
|
64.08 |
|
Gross profit |
|
1,329,630 |
|
35.24 |
|
|
|
1,293,063 |
|
35.33 |
|
|
|
5,396,557 |
|
36.26 |
|
|
|
5,228,219 |
|
35.92 |
|
Selling, general and administrative expenses |
|
891,226 |
|
23.62 |
|
|
|
855,554 |
|
23.38 |
|
|
|
3,481,863 |
|
23.39 |
|
|
|
3,356,258 |
|
23.06 |
|
Depreciation and amortization |
|
120,055 |
|
3.18 |
|
|
|
103,274 |
|
2.82 |
|
|
|
447,162 |
|
3.00 |
|
|
|
393,049 |
|
2.70 |
|
Operating income |
|
318,349 |
|
8.44 |
|
|
|
334,235 |
|
9.13 |
|
|
|
1,467,532 |
|
9.86 |
|
|
|
1,478,912 |
|
10.16 |
|
Interest expense, net |
|
17,203 |
|
0.46 |
|
|
|
11,948 |
|
0.33 |
|
|
|
54,592 |
|
0.37 |
|
|
|
46,510 |
|
0.32 |
|
Income before income taxes |
|
301,146 |
|
7.98 |
|
|
|
322,287 |
|
8.80 |
|
|
|
1,412,940 |
|
9.49 |
|
|
|
1,432,402 |
|
9.84 |
|
Income tax expense |
|
64,739 |
|
1.72 |
|
|
|
74,384 |
|
2.03 |
|
|
|
311,700 |
|
2.09 |
|
|
|
325,176 |
|
2.23 |
|
Net income |
$ |
236,407 |
|
6.26 |
% |
|
$ |
247,903 |
|
6.77 |
% |
|
$ |
1,101,240 |
|
7.40 |
% |
|
$ |
1,107,226 |
|
7.61 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic (a) |
$ |
0.44 |
|
|
|
$ |
0.46 |
|
|
|
$ |
2.05 |
|
|
|
$ |
2.03 |
|
|
||||
Diluted (a) |
$ |
0.44 |
|
|
|
$ |
0.46 |
|
|
|
$ |
2.04 |
|
|
|
$ |
2.02 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic (a) |
|
533,588 |
|
|
|
|
540,696 |
|
|
|
|
536,949 |
|
|
|
|
545,480 |
|
|
||||
Diluted (a) |
|
536,376 |
|
|
|
|
544,096 |
|
|
|
|
539,652 |
|
|
|
|
548,729 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends declared per common share outstanding (a) |
$ |
0.22 |
|
|
|
$ |
0.21 |
|
|
|
$ |
0.88 |
|
|
|
$ |
0.82 |
|
|
||||
Note: Percent of net sales amounts may not sum to totals due to rounding. |
(a) All share and per share information has been adjusted to reflect the five-for-one stock split effective December 20, 2024. |
Consolidated Statements of Comprehensive Income (Unaudited) (in thousands) |
|||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
December 28,
|
|
December 30,
|
|
December 28,
|
|
December 30,
|
||||||||
Net income |
$ |
236,407 |
|
|
$ |
247,903 |
|
|
$ |
1,101,240 |
|
|
$ |
1,107,226 |
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive (loss) / income: |
|
|
|
|
|
|
|
||||||||
Change in fair value of interest rate swaps, net of taxes |
|
(1,333 |
) |
|
|
(2,499 |
) |
|
|
(5,576 |
) |
|
|
(4,482 |
) |
Total other comprehensive (loss) / income |
|
(1,333 |
) |
|
|
(2,499 |
) |
|
|
(5,576 |
) |
|
|
(4,482 |
) |
Total comprehensive income |
$ |
235,074 |
|
|
$ |
245,404 |
|
|
$ |
1,095,664 |
|
|
$ |
1,102,744 |
|
Consolidated Balance Sheets (Unaudited) (in thousands) |
|||||||
|
December 28,
|
|
December 30,
|
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
251,491 |
|
|
$ |
397,071 |
|
Inventories |
|
2,840,177 |
|
|
|
2,645,854 |
|
Prepaid expenses and other current assets |
|
196,614 |
|
|
|
218,553 |
|
Income taxes receivable |
|
21,635 |
|
|
|
2,461 |
|
Total current assets |
|
3,309,917 |
|
|
|
3,263,939 |
|
Property and equipment, net |
|
2,727,436 |
|
|
|
2,437,184 |
|
Operating lease right-of-use assets |
|
3,415,444 |
|
|
|
3,141,971 |
|
Goodwill and other intangible assets |
|
269,520 |
|
|
|
269,520 |
|
Other assets |
|
83,168 |
|
|
|
75,537 |
|
Total assets |
$ |
9,805,485 |
|
|
$ |
9,188,151 |
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
1,236,177 |
|
|
$ |
1,179,803 |
|
Accrued employee compensation |
|
100,853 |
|
|
|
91,478 |
|
Other accrued expenses |
|
581,971 |
|
|
|
533,029 |
|
Current portion of finance lease liabilities |
|
3,300 |
|
|
|
3,311 |
|
Current portion of operating lease liabilities |
|
396,892 |
|
|
|
369,461 |
|
Total current liabilities |
|
2,319,193 |
|
|
|
2,177,082 |
|
Long-term debt |
|
1,831,969 |
|
|
|
1,728,964 |
|
Finance lease liabilities, less current portion |
|
27,983 |
|
|
|
31,388 |
|
Operating lease liabilities, less current portion |
|
3,164,273 |
|
|
|
2,902,858 |
|
Deferred income taxes |
|
44,320 |
|
|
|
60,032 |
|
Other long-term liabilities |
|
147,413 |
|
|
|
138,065 |
|
Total liabilities |
|
7,535,151 |
|
|
|
7,038,389 |
|
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Common stock (a) |
|
7,116 |
|
|
|
7,093 |
|
Additional paid-in capital (a) |
|
1,376,532 |
|
|
|
1,312,772 |
|
Treasury stock |
|
(6,025,238 |
) |
|
|
(5,458,855 |
) |
Accumulated other comprehensive income |
|
1,217 |
|
|
|
6,793 |
|
Retained earnings |
|
6,910,707 |
|
|
|
6,281,959 |
|
Total stockholders’ equity |
|
2,270,334 |
|
|
|
2,149,762 |
|
Total liabilities and stockholders’ equity |
$ |
9,805,485 |
|
|
$ |
9,188,151 |
|
(a) Common stock and Additional paid-in capital balances have been adjusted to reflect the five-for-one stock split effective December 20, 2024. |
Consolidated Statements of Cash Flows (Unaudited) (in thousands) |
|||||||
|
Year Ended |
||||||
|
December 28,
|
|
December 30,
|
||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
1,101,240 |
|
|
$ |
1,107,226 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
447,162 |
|
|
|
393,049 |
|
Gain on disposition of property and equipment |
|
(62,500 |
) |
|
|
(48,013 |
) |
Share-based compensation expense |
|
48,367 |
|
|
|
57,015 |
|
Deferred income taxes |
|
(22,602 |
) |
|
|
6,172 |
|
Change in assets and liabilities: |
|
|
|
||||
Inventories |
|
(194,323 |
) |
|
|
40,872 |
|
Prepaid expenses and other current assets |
|
11,484 |
|
|
|
22,380 |
|
Accounts payable |
|
56,374 |
|
|
|
(218,829 |
) |
Accrued employee compensation |
|
9,375 |
|
|
|
(31,498 |
) |
Other accrued expenses |
|
20,917 |
|
|
|
(13,082 |
) |
Income taxes |
|
(19,174 |
) |
|
|
(11,931 |
) |
Other |
|
24,515 |
|
|
|
30,672 |
|
Net cash provided by operating activities |
|
1,420,835 |
|
|
|
1,334,033 |
|
Cash flows from investing activities: |
|
|
|
||||
Capital expenditures |
|
(784,047 |
) |
|
|
(753,883 |
) |
Proceeds from sale of property and equipment |
|
140,129 |
|
|
|
86,504 |
|
Proceeds from sale of business assets |
|
— |
|
|
|
14,310 |
|
Net cash used in investing activities |
|
(643,918 |
) |
|
|
(653,069 |
) |
Cash flows from financing activities: |
|
|
|
||||
Borrowings under debt facilities |
|
785,000 |
|
|
|
1,767,000 |
|
Repayments under debt facilities |
|
(685,000 |
) |
|
|
(1,195,000 |
) |
Debt discounts and issuance costs |
|
— |
|
|
|
(9,729 |
) |
Principal payments under finance lease liabilities |
|
(4,787 |
) |
|
|
(4,808 |
) |
Repurchase of shares to satisfy tax obligations |
|
(23,941 |
) |
|
|
(24,245 |
) |
Repurchase of common stock |
|
(560,634 |
) |
|
|
(594,390 |
) |
Net proceeds from issuance of common stock |
|
39,357 |
|
|
|
24,397 |
|
Cash dividends paid to stockholders |
|
(472,492 |
) |
|
|
(449,620 |
) |
Net cash used in financing activities |
|
(922,497 |
) |
|
|
(486,395 |
) |
Net (decrease)/increase in cash and cash equivalents |
|
(145,580 |
) |
|
|
194,569 |
|
Cash and cash equivalents at beginning of period |
|
397,071 |
|
|
|
202,502 |
|
Cash and cash equivalents at end of period |
$ |
251,491 |
|
|
$ |
397,071 |
|
|
|
|
|
||||
Supplemental disclosures of cash flow information: |
|
|
|
||||
Cash paid during the period for: |
|
|
|
||||
Interest, net of amounts capitalized |
$ |
65,865 |
|
|
$ |
56,315 |
|
Income taxes cash paid |
|
351,464 |
|
|
|
325,222 |
|
|
|
|
|
||||
Supplemental disclosures of non-cash activities: |
|
|
|
||||
Non-cash accruals for property and equipment |
$ |
82,324 |
|
|
$ |
60,055 |
|
Increase in operating lease liabilities resulting from new or modified right-of-use assets |
|
659,008 |
|
|
|
628,991 |
|
Increase in finance lease liabilities resulting from new or modified right-of-use assets |
|
— |
|
|
|
450 |
|
Selected Financial and Operating Information (Unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
December 28,
|
|
December 30,
|
|
December 28,
|
|
December 30,
|
||||||||
Sales Information: |
|
|
|
|
|
|
|
||||||||
Comparable store sales increase (decrease) |
|
0.6 |
% |
|
|
(4.2 |
)% |
|
|
0.2 |
% |
|
|
— |
% |
New store sales (% of total sales) |
|
2.0 |
% |
|
|
4.2 |
% |
|
|
2.0 |
% |
|
|
4.5 |
% |
Average transaction value |
$ |
59.39 |
|
|
$ |
60.48 |
|
|
$ |
60.20 |
|
|
$ |
60.67 |
|
Comparable store average transaction value (decrease)/increase (a) |
|
(1.7 |
)% |
|
|
(1.5 |
)% |
|
|
(0.6 |
)% |
|
|
0.4 |
% |
Comparable store average transaction count increase |
|
2.3 |
% |
|
|
(2.7 |
)% |
|
|
0.8 |
% |
|
|
(0.4 |
)% |
Total selling square footage (000’s) |
|
39,105 |
|
|
|
38,476 |
|
|
|
39,105 |
|
|
|
38,476 |
|
Exclusive brands (% of total sales) |
|
29.3 |
% |
|
|
29.6 |
% |
|
|
28.6 |
% |
|
|
28.6 |
% |
Imports (% of total sales) |
|
14.8 |
% |
|
|
14.8 |
% |
|
|
11.9 |
% |
|
|
12.2 |
% |
|
|
|
|
|
|
|
|
||||||||
Store Count Information: |
|
|
|
|
|
|
|
||||||||
Tractor Supply |
|
|
|
|
|
|
|
||||||||
Beginning of period |
|
2,270 |
|
|
|
2,198 |
|
|
|
2,216 |
|
|
|
2,147 |
|
New stores opened |
|
26 |
|
|
|
19 |
|
|
|
80 |
|
|
|
70 |
|
Stores closed |
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
End of period |
|
2,296 |
|
|
|
2,216 |
|
|
|
2,296 |
|
|
|
2,216 |
|
Petsense by Tractor Supply |
|
|
|
|
|
|
|
||||||||
Beginning of period |
|
205 |
|
|
|
195 |
|
|
|
198 |
|
|
|
186 |
|
New stores opened |
|
4 |
|
|
|
3 |
|
|
|
11 |
|
|
|
13 |
|
Stores closed |
|
(3 |
) |
|
|
— |
|
|
|
(3 |
) |
|
|
(1 |
) |
End of period |
|
206 |
|
|
|
198 |
|
|
|
206 |
|
|
|
198 |
|
Consolidated end of period |
|
2,502 |
|
|
|
2,414 |
|
|
|
2,502 |
|
|
|
2,414 |
|
|
|
|
|
|
|
|
|
||||||||
Pre-opening costs (000’s) |
$ |
2,865 |
|
|
$ |
2,493 |
|
|
$ |
9,718 |
|
|
$ |
13,178 |
|
|
|
|
|
|
|
|
|
||||||||
Balance Sheet Information: |
|
|
|
|
|
|
|
||||||||
Average inventory per store (000’s) (b) |
$ |
1,063.7 |
|
|
$ |
1,026.0 |
|
|
$ |
1,063.7 |
|
|
$ |
1,026.0 |
|
Inventory turns (annualized) |
|
3.34 |
|
|
|
3.51 |
|
|
|
3.30 |
|
|
|
3.49 |
|
Share repurchase program: |
|
|
|
|
|
|
|
||||||||
Cost (000’s) (c) |
$ |
155,909 |
|
|
$ |
111,553 |
|
|
$ |
566,383 |
|
|
$ |
602,947 |
|
Average purchase price per share (d) |
$ |
56.42 |
|
|
$ |
40.76 |
|
|
$ |
53.03 |
|
|
$ |
43.71 |
|
(a) Comparable store average transaction value changes include the impact of transaction value changes achieved on the current period change in transaction count. |
(b) Assumes average inventory cost, excluding inventory in transit. |
(c) Effective January 1, 2023, the Company’s share repurchases are subject to a |
(d) Average purchase price per share amounts adjusted to reflect the 5-for-1 forward stock split effective December 20, 2024. |
|
Note: Comparable store metrics percentages may not sum to total due to rounding. |
|
Three Months Ended |
|
Year Ended |
||||||||
|
December 28, 2024 |
|
December 30, 2023 |
|
December 28, 2024 |
|
December 30, 2023 |
||||
Capital Expenditures (millions): |
|
|
|
|
|
|
|
||||
Existing stores |
$ |
74.2 |
|
$ |
83.8 |
|
$ |
284.0 |
|
$ |
330.0 |
New stores, relocated stores and stores not yet opened |
|
62.4 |
|
|
58.3 |
|
|
241.2 |
|
|
130.6 |
Information technology |
|
57.7 |
|
|
48.2 |
|
|
153.5 |
|
|
134.6 |
Distribution center capacity and improvements |
|
50.6 |
|
|
35.8 |
|
|
95.8 |
|
|
156.2 |
Corporate and other |
|
1.1 |
|
|
1.1 |
|
|
9.5 |
|
|
2.5 |
Total |
$ |
246.0 |
|
$ |
227.2 |
|
$ |
784.0 |
|
$ |
753.9 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250130994126/en/
Investors
Mary Winn Pilkington (615) 440-4212
Joseph Underwood (615) 440-4658
investorrelations@tractorsupply.com
Media
Tricia Whittemore (615) 440-4410
corporatecommunications@tractorsupply.com
Source: Tractor Supply Company
FAQ
What was Tractor Supply's (TSCO) comparable store sales growth in Q4 2024?
How much did TSCO return to shareholders in fiscal 2024?
What is Tractor Supply's (TSCO) EPS guidance for fiscal 2025?
How many new stores did TSCO open in fiscal 2024?
What is TSCO's projected comparable store sales growth for 2025?
