Tractor Supply’s Q4 and Fiscal Year 2023 Financials, with FY 2024 Outlook

Tractor Supply Company, the largest rural lifestyle retailer in the United States, announced its financial results for the fourth quarter and fiscal year ending December 30, 2023. Despite a 4.2% decline in comparable store sales for the fourth quarter, the fiscal year saw a 2.5% increase in net sales, reaching $14.56 billion. Diluted earnings per share (EPS) for Q4 were $2.28, with fiscal year 2023 EPS at $10.09. The company returned over $1.0 billion to shareholders during the fiscal year.

Looking ahead to fiscal year 2024, Tractor Supply Company anticipates net sales ranging from $14.7 billion to $15.1 billion, with a comparable store sales outlook of (1.0%) to +1.5%. The company aims for an operating margin rate between 9.7% and 10.1%, projecting net income in the range of $1.06 billion to $1.13 billion and diluted EPS between $9.85 and $10.50. Capital plans for 2024 include opening approximately 80 new Tractor Supply stores, completing Project Fusion remodels, and opening 10 to 15 new Petsense by Tractor Supply stores. The company will also continue sale-leaseback transactions.

Despite 2023’s financial performance not meeting initial expectations, Tractor Supply Company’s President and CEO, Hal Lawton, expressed confidence in the company’s resilience, strategic investments, and strong business foundation. He emphasized their commitment to delivering sustained long-term value creation for shareholders, highlighting ongoing investments to strengthen competitive advantages and capture growth opportunities in the market.

Source link