Tractor Supply Company Reports Third Quarter 2024 Financial Results; Updates Fiscal 2024 Financial Outlook
Tractor Supply Company (NASDAQ: TSCO) reported Q3 2024 financial results with net sales increasing 1.6% to $3.47 billion, while comparable store sales slightly decreased by 0.2%. The company achieved diluted EPS of $2.24, down 3.9% from $2.33 in Q3 2023. Gross profit increased 3.2% to $1.29 billion, with gross margin improving to 37.2%. The company updated its fiscal 2024 guidance, raising the lower end of both sales ($14.85-15.0 billion) and EPS ($10.10-10.40) projections. Additionally, TSCO announced a definitive agreement to acquire Allivet, a leading online pet pharmacy.
Tractor Supply Company (NASDAQ: TSCO) ha riportato i risultati finanziari del terzo trimestre 2024, con vendite nette in aumento dell'1,6% a 3,47 miliardi di dollari, mentre le vendite nei negozi comparabili sono leggermente diminuite dello 0,2%. L'azienda ha registrato un utile per azione diluito di 2,24 dollari, in calo del 3,9% rispetto ai 2,33 dollari del terzo trimestre 2023. Il profitto lordo è aumentato del 3,2% a 1,29 miliardi di dollari, con un margine lordo migliorato al 37,2%. L'azienda ha aggiornato le sue previsioni fiscali per il 2024, alzando il limite inferiore delle stime sia per le vendite (14,85-15,0 miliardi di dollari) che per l'utile per azione (10,10-10,40 dollari). Inoltre, TSCO ha annunciato un accordo definitivo per acquisire Allivet, una delle principali farmacie online per animali domestici.
Tractor Supply Company (NASDAQ: TSCO) informó los resultados financieros del tercer trimestre de 2024, con ventas netas aumentando un 1,6% a 3,47 mil millones de dólares, mientras que las ventas en tiendas comparables disminuyeron ligeramente un 0,2%. La compañía logró una ganancia por acción diluida de 2,24 dólares, una caída del 3,9% respecto a los 2,33 dólares en el tercer trimestre de 2023. La ganancia bruta aumentó un 3,2% a 1,29 mil millones de dólares, con un margen bruto mejorado del 37,2%. La empresa actualizó su guía fiscal para 2024, elevando el límite inferior de las proyecciones tanto de ventas (14,85-15,0 mil millones) como de EPS (10,10-10,40). Además, TSCO anunció un acuerdo definitivo para adquirir Allivet, una de las principales farmacias online para mascotas.
트랙터 서플라이 컴퍼니 (NASDAQ: TSCO)는 2024년 3분기 재무 결과를 발표하며, 순매출이 1.6% 증가하여 34억 7천만 달러에 이르렀다, 반면 동종 매장 매출은 0.2% 소폭 감소했다. 회사는 희석 주당순이익이 2.24 달러로, 2023년 3분기 2.33 달러에서 3.9% 감소했다. 총 이익은 3.2% 증가하여 12억 9천만 달러에 달하며, 총 마진은 37.2%로 개선되었다. 회사는 2024 회계 연도의 가이드를 업데이트하면서 매출(148.5억 - 150억 달러)과 EPS(10.10-10.40 달러) 예측의 하한을 높였다. 추가로, TSCO는 온라인 반려동물 약국 선두주자인 Allivet를 인수하기 위한 확정 계약을 발표했다.
Tractor Supply Company (NASDAQ: TSCO) a annoncé les résultats financiers du troisième trimestre 2024, avec un chiffre d'affaires net en hausse de 1,6 % à 3,47 milliards de dollars, tandis que les ventes de magasins comparables ont légèrement diminué de 0,2 %. L'entreprise a réalisé un bénéfice par action dilué de 2,24 dollars, en baisse de 3,9 % par rapport à 2,33 dollars au troisième trimestre 2023. Le bénéfice brut a augmenté de 3,2 % pour atteindre 1,29 milliard de dollars, avec une marge brute améliorée à 37,2 %. L'entreprise a mis à jour ses prévisions pour l'exercice 2024, en rehaussant le seuil inférieur des projections de chiffre d'affaires (14,85-15,0 milliards de dollars) et de BPA (10,10-10,40 dollars). De plus, TSCO a annoncé un accord définitif pour acquérir Allivet, une pharmacie en ligne pour animaux de compagnie.
Die Tractor Supply Company (NASDAQ: TSCO) berichtete über die Finanzergebnisse für das dritte Quartal 2024, wobei der Nettoumsatz um 1,6% auf 3,47 Milliarden Dollar anstieg, während die Verkaufszahlen in vergleichbaren Filialen leicht um 0,2% sanken. Das Unternehmen erzielte ein verwässertes Ergebnis je Aktie von 2,24 Dollar, was einem Rückgang von 3,9% gegenüber 2,33 Dollar im dritten Quartal 2023 entspricht. Der Bruttogewinn stieg um 3,2% auf 1,29 Milliarden Dollar, während die Bruttomarge auf 37,2% verbessert wurde. Das Unternehmen hat seine Prognosen für das Geschäftsjahr 2024 aktualisiert und die Untergrenze sowohl für den Umsatz (14,85-15,0 Milliarden Dollar) als auch für das EPS (10,10-10,40 Dollar) angehoben. Darüber hinaus kündigte TSCO eine endgültige Vereinbarung zur Übernahme von Allivet an, einer führenden Online-Apotheke für Haustiere.
- Net sales increased 1.6% to $3.47 billion
- Gross profit up 3.2% to $1.29 billion
- Gross margin improved 56 basis points to 37.2%
- Raised lower end of annual guidance for sales and earnings
- Strategic acquisition of Allivet to expand pet pharmacy services
- Comparable store sales declined 0.2%
- Diluted EPS decreased 3.9% to $2.24
- Operating income decreased to $324.6 million from $340.9 million
- Net income declined 5.3% to $241.5 million
- SG&A expenses increased 119 basis points to 27.8% of net sales
Insights
TSCO's Q3 results reveal mixed performance with
The strategic acquisition of Allivet expands TSCO's pet care offerings, potentially boosting future revenue streams. The updated guidance raising the lower end of sales projections (
The slight decline in comparable store sales amid strength in big ticket items but weakness in discretionary categories reflects broader retail sector challenges. TSCO's market position remains robust with notable gains in market share and strategic expansion through 16 new store openings. The Project Fusion layout implementation in nearly
The Allivet acquisition strategically targets the growing pet healthcare market, providing access to 37 million Neighbor's Club members. This move could significantly strengthen TSCO's competitive position in the pet care segment, particularly important given the resilient nature of pet-related spending during economic uncertainties.
-
Net Sales Increased
1.6% to$3.47 Billion -
Comparable Store Sales Experienced a Slight Decrease of
0.2% -
Diluted Earnings per Share (“EPS”) of
$2.24 - Company Raises Lower End of Annual Guidance for Sales and Earnings
- Definitive Agreement Reached to Acquire Allivet, a leading online pet pharmacy
“We delivered on our expectations for the third quarter amid a tepid retail sales environment while advancing our Life Out Here strategy. The fundamentals of our business remain strong with ongoing market share gains. With nearly
“We remain very excited about the future for Tractor Supply to better serve our customers, capture market share, generate consistent, profitable growth and create ongoing long-term value for our shareholders. Today’s announcement of our acquisition of Allivet, a leading online pet pharmacy, is a great example of unlocking new opportunities for growth. We look forward to bringing pet Rx to our 37 million Neighbor’s Club members. As we look towards the back half of the decade, the team is energized to continue to capitalize on the many significant opportunities within our Life Out Here strategy and we look forward to sharing more details in the coming months.”
Third Quarter 2024 Results
Net sales for the third 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 0.6 million shares of its common stock for
The Company opened 16 new Tractor Supply stores in the third quarter of 2024.
Fiscal Year 2024 Financial Outlook
Based on year-to-date performance and its outlook, Tractor Supply is updating its financial guidance. For fiscal year 2024, the Company now expects the following:
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Updated |
Previous |
Net Sales |
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Comparable Store Sales |
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( |
Operating Margin Rate |
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Net Income |
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Earnings per Diluted Share |
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Conference Call Information
Tractor Supply Company will hold a conference call today, Thursday, October 24, 2024 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 of September 28, 2024, the Company operated 2,270 Tractor Supply stores in 49 states. For more information on Tractor Supply, visit www.tractorsupply.com.
Tractor Supply Company also owns and operates Petsense by Tractor Supply, a small-box pet specialty supply retailer providing products and services for pet owners. As of September 28, 2024, the Company operated 205 Petsense by Tractor Supply stores in 23 states. For more information on Petsense by Tractor Supply, visit 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 2024, 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 June 29, 2024, which describes additional risks relating to the scrutiny of our social and environmental strategies, initiatives and targets and our policies related thereto, which could adversely affect public perception of our business, employee morale, customer or stockholder support and have a material adverse effect on our business, liquidity, financial condition, and/or results of operations. 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) |
|||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||
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Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||||||||
|
September 28,
|
|
September 30,
|
|
September 28,
|
|
September 30,
|
||||||||||||||||||||
|
|
|
% of |
|
|
|
% of |
|
|
|
% of |
|
|
|
% of |
||||||||||||
|
|
|
Net |
|
|
|
Net |
|
|
|
Net |
|
|
|
Net |
||||||||||||
|
|
|
Sales |
|
|
|
Sales |
|
|
|
Sales |
|
|
|
Sales |
||||||||||||
Net sales |
$ |
3,468,245 |
|
100.00 |
% |
|
$ |
3,411,980 |
|
100.00 |
% |
|
$ |
11,109,700 |
|
100.00 |
% |
|
$ |
10,895,900 |
|
100.00 |
% |
||||
Cost of merchandise sold |
|
2,177,797 |
|
|
62.79 |
|
|
|
2,161,501 |
|
|
63.35 |
|
|
|
7,042,773 |
|
|
63.39 |
|
|
|
6,960,744 |
|
|
63.88 |
|
Gross profit |
|
1,290,448 |
|
|
37.21 |
|
|
|
1,250,479 |
|
|
36.65 |
|
|
|
4,066,927 |
|
|
36.61 |
|
|
|
3,935,156 |
|
|
36.12 |
|
Selling, general and administrative expenses |
|
852,299 |
|
|
24.57 |
|
|
|
819,311 |
|
|
24.01 |
|
|
|
2,590,637 |
|
|
23.32 |
|
|
|
2,500,704 |
|
|
22.95 |
|
Depreciation and amortization |
|
113,550 |
|
|
3.27 |
|
|
|
90,263 |
|
|
2.65 |
|
|
|
327,107 |
|
|
2.94 |
|
|
|
289,775 |
|
|
2.66 |
|
Operating income |
|
324,599 |
|
|
9.36 |
|
|
|
340,905 |
|
|
9.99 |
|
|
|
1,149,183 |
|
|
10.34 |
|
|
|
1,144,677 |
|
|
10.51 |
|
Interest expense, net |
|
13,875 |
|
|
0.40 |
|
|
|
9,539 |
|
|
0.28 |
|
|
|
37,389 |
|
|
0.34 |
|
|
|
34,562 |
|
|
0.32 |
|
Income before income taxes |
|
310,724 |
|
|
8.96 |
|
|
|
331,366 |
|
|
9.71 |
|
|
|
1,111,794 |
|
|
10.01 |
|
|
|
1,110,115 |
|
|
10.19 |
|
Income tax expense |
|
69,254 |
|
|
2.00 |
|
|
|
76,365 |
|
|
2.24 |
|
|
|
246,960 |
|
|
2.22 |
|
|
|
250,792 |
|
|
2.30 |
|
Net income |
$ |
241,470 |
|
|
6.96 |
% |
|
$ |
255,001 |
|
|
7.47 |
% |
|
$ |
864,834 |
|
|
7.78 |
% |
|
$ |
859,323 |
|
|
7.89 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic |
$ |
2.25 |
|
|
|
|
$ |
2.34 |
|
|
|
|
$ |
8.04 |
|
|
|
|
$ |
7.85 |
|
|
|
||||
Diluted |
$ |
2.24 |
|
|
|
|
$ |
2.33 |
|
|
|
|
$ |
8.00 |
|
|
|
|
$ |
7.81 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic |
|
107,167 |
|
|
|
|
|
108,774 |
|
|
|
|
|
107,614 |
|
|
|
|
|
109,415 |
|
|
|
||||
Diluted |
|
107,678 |
|
|
|
|
|
109,342 |
|
|
|
|
|
108,147 |
|
|
|
|
|
110,055 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Dividends declared per common share outstanding |
$ |
1.10 |
|
|
|
|
$ |
1.03 |
|
|
|
|
$ |
3.30 |
|
|
|
|
$ |
3.09 |
|
|
|
Note: Percent of net sales amounts may not sum to totals due to rounding. |
Consolidated Statements of Comprehensive Income (Unaudited) (in thousands) |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
September 28,
|
|
September 30,
|
|
September 28,
|
|
September 30,
|
||||||||
Net income |
$ |
241,470 |
|
|
$ |
255,001 |
|
|
$ |
864,834 |
|
|
$ |
859,323 |
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive (loss) / income: |
|
|
|
|
|
|
|
||||||||
Change in fair value of interest rate swaps, net of taxes |
|
(2,130 |
) |
|
|
(924 |
) |
|
|
(4,243 |
) |
|
|
(1,983 |
) |
Total other comprehensive (loss) / income |
|
(2,130 |
) |
|
|
(924 |
) |
|
|
(4,243 |
) |
|
|
(1,983 |
) |
Total comprehensive income |
$ |
239,340 |
|
|
$ |
254,077 |
|
|
$ |
860,591 |
|
|
$ |
857,340 |
|
Consolidated Balance Sheets (Unaudited) (in thousands) |
|||||||
|
September 28,
|
|
September 30,
|
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
186,294 |
|
|
$ |
421,693 |
|
Inventories |
|
3,082,519 |
|
|
|
2,834,247 |
|
Prepaid expenses and other current assets |
|
199,967 |
|
|
|
278,174 |
|
Income taxes receivable |
|
14,381 |
|
|
|
— |
|
Total current assets |
|
3,483,161 |
|
|
|
3,534,114 |
|
Property and equipment, net |
|
2,632,895 |
|
|
|
2,273,646 |
|
Operating lease right-of-use assets |
|
3,295,678 |
|
|
|
3,084,947 |
|
Goodwill and other intangible assets |
|
269,520 |
|
|
|
267,329 |
|
Other assets |
|
86,643 |
|
|
|
44,978 |
|
Total assets |
$ |
9,767,897 |
|
|
$ |
9,205,014 |
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
1,349,817 |
|
|
$ |
1,412,186 |
|
Accrued employee compensation |
|
53,065 |
|
|
|
49,957 |
|
Other accrued expenses |
|
551,847 |
|
|
|
454,513 |
|
Current portion of finance lease liabilities |
|
3,402 |
|
|
|
3,304 |
|
Current portion of operating lease liabilities |
|
387,578 |
|
|
|
365,189 |
|
Income taxes payable |
|
— |
|
|
|
33,647 |
|
Total current liabilities |
|
2,345,709 |
|
|
|
2,318,796 |
|
Long-term debt |
|
1,831,218 |
|
|
|
1,728,255 |
|
Finance lease liabilities, less current portion |
|
28,831 |
|
|
|
32,156 |
|
Operating lease liabilities, less current portion |
|
3,082,653 |
|
|
|
2,848,385 |
|
Deferred income taxes |
|
48,800 |
|
|
|
30,006 |
|
Other long-term liabilities |
|
141,926 |
|
|
|
136,285 |
|
Total liabilities |
|
7,479,137 |
|
|
|
7,093,883 |
|
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Common stock |
|
1,423 |
|
|
|
1,418 |
|
Additional paid-in capital |
|
1,362,463 |
|
|
|
1,302,268 |
|
Treasury stock |
|
(5,869,286 |
) |
|
|
(5,347,302 |
) |
Accumulated other comprehensive income |
|
2,550 |
|
|
|
9,292 |
|
Retained earnings |
|
6,791,610 |
|
|
|
6,145,455 |
|
Total stockholders’ equity |
|
2,288,760 |
|
|
|
2,111,131 |
|
Total liabilities and stockholders’ equity |
$ |
9,767,897 |
|
|
$ |
9,205,014 |
|
Consolidated Statements of Cash Flows (Unaudited) (in thousands) |
|||||||
|
Nine Months Ended |
||||||
|
September 28,
|
|
September 30,
|
||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
864,834 |
|
|
$ |
859,323 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
327,107 |
|
|
|
289,775 |
|
(Gain)/loss on disposition of property and equipment |
|
(38,751 |
) |
|
|
(27,460 |
) |
Share-based compensation expense |
|
35,124 |
|
|
|
45,150 |
|
Deferred income taxes |
|
(21,212 |
) |
|
|
8,082 |
|
Change in assets and liabilities: |
|
|
|
||||
Inventories |
|
(436,665 |
) |
|
|
(147,521 |
) |
Prepaid expenses and other current assets |
|
9,092 |
|
|
|
(28,647 |
) |
Accounts payable |
|
170,014 |
|
|
|
13,554 |
|
Accrued employee compensation |
|
(38,413 |
) |
|
|
(73,019 |
) |
Other accrued expenses |
|
(227 |
) |
|
|
(53,795 |
) |
Income taxes |
|
(11,920 |
) |
|
|
24,176 |
|
Other |
|
44,627 |
|
|
|
28,308 |
|
Net cash provided by operating activities |
|
903,610 |
|
|
|
937,926 |
|
Cash flows from investing activities: |
|
|
|
||||
Capital expenditures |
|
(538,018 |
) |
|
|
(526,723 |
) |
Proceeds from sale of property and equipment |
|
77,895 |
|
|
|
57,801 |
|
Proceeds from Orscheln acquisition net working capital settlement |
|
— |
|
|
|
4,310 |
|
Proceeds from sale of Orscheln corporate headquarters and distribution center |
|
— |
|
|
|
10,000 |
|
Net cash used in investing activities |
|
(460,123 |
) |
|
|
(454,612 |
) |
Cash flows from financing activities: |
|
|
|
||||
Borrowings under debt facilities |
|
585,000 |
|
|
|
1,767,000 |
|
Repayments under debt facilities |
|
(485,000 |
) |
|
|
(1,195,000 |
) |
Debt discounts and issuance costs |
|
— |
|
|
|
(9,729 |
) |
Principal payments under finance lease liabilities |
|
(1,317 |
) |
|
|
(3,606 |
) |
Repurchase of shares to satisfy tax obligations |
|
(23,618 |
) |
|
|
(24,015 |
) |
Repurchase of common stock |
|
(406,663 |
) |
|
|
(480,407 |
) |
Net proceeds from issuance of common stock |
|
32,516 |
|
|
|
19,853 |
|
Cash dividends paid to stockholders |
|
(355,182 |
) |
|
|
(338,219 |
) |
Net cash used in financing activities |
|
(654,264 |
) |
|
|
(264,123 |
) |
Net (decrease)/increase in cash and cash equivalents |
|
(210,777 |
) |
|
|
219,191 |
|
Cash and cash equivalents at beginning of period |
|
397,071 |
|
|
|
202,502 |
|
Cash and cash equivalents at end of period |
$ |
186,294 |
|
|
$ |
421,693 |
|
|
|
|
|
||||
Supplemental disclosures of cash flow information: |
|
|
|
||||
Cash paid during the period for: |
|
|
|
||||
Interest, net of amounts capitalized |
$ |
36,433 |
|
|
$ |
29,011 |
|
Income taxes cash paid |
|
278,273 |
|
|
|
215,637 |
|
|
|
|
|
||||
Supplemental disclosures of non-cash activities: |
|
|
|
||||
Non-cash accruals for property and equipment |
$ |
75,332 |
|
|
$ |
20,359 |
|
Increase of operating lease assets and liabilities from new or modified leases |
|
442,399 |
|
|
|
481,177 |
|
Increase of finance lease assets and liabilities from new or modified leases |
|
— |
|
|
|
450 |
|
Selected Financial and Operating Information (Unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
September 28,
|
|
September 30,
|
|
September 28,
|
|
September 30,
|
||||||||
Sales Information: |
|
|
|
|
|
|
|
||||||||
Comparable store sales increase (decrease) |
|
(0.2 |
)% |
|
|
(0.4 |
)% |
|
|
— |
% |
|
|
1.5 |
% |
New store sales (% of total sales) |
|
2.0 |
% |
|
|
4.6 |
% |
|
|
2.0 |
% |
|
|
4.6 |
% |
Average transaction value |
$ |
58.87 |
|
|
$ |
59.26 |
|
|
$ |
60.48 |
|
|
$ |
60.74 |
|
Comparable store average transaction value (decrease)/increase (a) |
|
(0.5 |
)% |
|
|
(0.3 |
)% |
|
|
(0.2 |
)% |
|
|
1.0 |
% |
Comparable store average transaction count increase |
|
0.3 |
% |
|
|
— |
% |
|
|
0.3 |
% |
|
|
0.4 |
% |
Total selling square footage (000’s) |
|
38,668 |
|
|
|
38,132 |
|
|
|
38,668 |
|
|
|
38,132 |
|
Exclusive brands (% of total sales) |
|
29.1 |
% |
|
|
29.3 |
% |
|
|
28.8 |
% |
|
|
29.5 |
% |
Imports (% of total sales) |
|
10.4 |
% |
|
|
11.1 |
% |
|
|
10.8 |
% |
|
|
11.3 |
% |
|
|
|
|
|
|
|
|
||||||||
Store Count Information: |
|
|
|
|
|
|
|
||||||||
Tractor Supply |
|
|
|
|
|
|
|
||||||||
Beginning of period |
|
2,254 |
|
|
|
2,181 |
|
|
|
2,216 |
|
|
|
2,147 |
|
New stores opened |
|
16 |
|
|
|
17 |
|
|
|
54 |
|
|
|
51 |
|
Stores closed |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
End of period |
|
2,270 |
|
|
|
2,198 |
|
|
|
2,270 |
|
|
|
2,198 |
|
Petsense by Tractor Supply |
|
|
|
|
|
|
|
||||||||
Beginning of period |
|
205 |
|
|
|
192 |
|
|
|
198 |
|
|
|
186 |
|
New stores opened |
|
— |
|
|
|
4 |
|
|
|
7 |
|
|
|
10 |
|
Stores closed |
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
End of period |
|
205 |
|
|
|
195 |
|
|
|
205 |
|
|
|
195 |
|
Consolidated end of period |
|
2,475 |
|
|
|
2,393 |
|
|
|
2,475 |
|
|
|
2,393 |
|
|
|
|
|
|
|
|
|
||||||||
Pre-opening costs (000’s) |
$ |
2,240 |
|
|
$ |
2,743 |
|
|
$ |
6,853 |
|
|
$ |
10,685 |
|
|
|
|
|
|
|
|
|
||||||||
Balance Sheet Information: |
|
|
|
|
|
|
|
||||||||
Average inventory per store (000’s) (b) |
$ |
1,161.6 |
|
|
$ |
1,114.2 |
|
|
$ |
1,161.6 |
|
|
$ |
1,114.2 |
|
Inventory turns (annualized) |
|
3.03 |
|
|
|
3.34 |
|
|
|
3.28 |
|
|
|
3.48 |
|
Share repurchase program: |
|
|
|
|
|
|
|
||||||||
Cost (000’s) (c) |
$ |
151,342 |
|
|
$ |
136,778 |
|
|
$ |
410,431 |
|
|
$ |
491,394 |
|
Average purchase price per share |
$ |
267.13 |
|
|
$ |
214.45 |
|
|
$ |
259.22 |
|
|
$ |
222.20 |
|
(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 |
Note: Comparable store metrics percentages may not sum to total due to rounding. |
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
September 28,
|
|
September 30,
|
|
September 28,
|
|
September 30,
|
||||||||
Capital Expenditures (millions): |
|
|
|
|
|
|
|
||||||||
Existing stores |
$ |
75.6 |
|
$ |
84.1 |
|
$ |
209.8 |
|
$ |
246.2 |
||||
New stores, relocated stores and stores not yet opened |
|
59.1 |
|
|
|
10.8 |
|
|
|
178.8 |
|
|
|
72.3 |
|
Information technology |
|
35.7 |
|
|
|
35.3 |
|
|
|
95.8 |
|
|
|
86.4 |
|
Distribution center capacity and improvements |
|
13.0 |
|
|
|
46.7 |
|
|
|
45.2 |
|
|
|
120.4 |
|
Corporate and other |
|
4.8 |
|
|
|
0.2 |
|
|
|
8.4 |
|
|
|
1.4 |
|
Total |
$ |
188.2 |
|
|
$ |
177.1 |
|
|
$ |
538.0 |
|
|
$ |
526.7 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241024564226/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
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