Tractor Supply Company, the largest rural lifestyle retailer in the U.S., has reported its financial results for the second quarter ending June 29, 2024.
Financial Highlights:
- Net Sales: Increased by 1.5% to $4.25 billion, up from $4.18 billion in Q2 2023.
- Comparable Store Sales: Decreased by 0.5%, compared to a 2.5% increase in the same quarter last year. This decline was driven by a 0.6% decrease in average transaction count, partially offset by a 0.1% increase in average ticket size.
- Gross Profit: Rose by 2.7% to $1.56 billion, with a gross margin increase of 43 basis points to 36.6%.
- SG&A Expenses: Increased by 4.1% to $994.2 million, or 23.4% of net sales, up from 22.8% in Q2 2023.
- Operating Income: Slightly increased to $561.5 million, compared to $559.3 million in Q2 2023.
- Net Income: Rose by 0.9% to $425.2 million.
- Diluted EPS: Increased by 2.6% to $3.93.
Operational Updates:
- Share Repurchase: The company repurchased approximately 0.5 million shares for $139.2 million.
- Dividends: Paid $118.5 million in quarterly cash dividends, totaling $257.7 million in capital returned to shareholders.
- Store Openings: Added 21 new Tractor Supply stores and three new Petsense by Tractor Supply stores.
Hal Lawton, President and CEO, expressed satisfaction with the quarter’s EPS results and acknowledged the contributions of the company’s 50,000 Team Members. He highlighted the progress on the Life Out Here strategy and the company’s focus on long-term value creation and market share growth.
Lawton emphasized confidence in the company’s plans for the second half of the year and its potential for significant market share expansion.
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 U.S., ranking 293 on the Fortune 500. The Company’s more than 50,000 Team Members are known for delivering legendary service and helping customers pursue their passions, whether that means being closer to the land, taking care of animals or living a hands-on, DIY lifestyle. In store and online, Tractor Supply provides what customers need – anytime, anywhere, any way they choose at the low prices they deserve.
