Normal weather ahead and lower deflation should improve Tractor Supply's profitability.
Narrow-moat Tractor Supply delivered first-quarter performance in line with its preliminary outlook it had offered on April 11. In the period, the company reported sales growth of 6.6% to $1.56 billion, tracking about 30 basis points behind the cadence implied in our model. Comparable-store sales contracted 2.2%, hindered by a comparable transaction count decline of 1.4% and average ticket decrease of 0.9% as mismatched weather patterns (which deflected sales of seasonal merchandise) and deflati...Tractor Supply is a rural lifestyle retailer. The company is focused on supplying the needs of recreational farmers, ranchers and all those who enjoy living the rural lifestyle, as well as tradesmen and small businesses. The company operates retail stores under the names Tractor Supply Company, Del's Feed & Farm Supply, and Petsense and operates websites under the names TractorSupply.com and Petsense.com. The company's selection of merchandise is comprised of the following main product categories: equine, livestock, pet, and small animal products; hardware, truck, towing, and tool products; seasonal products; work/recreational clothing and footwear; and maintenance products for agricultural and rural use.
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