tractor-supply-reports-record-quarterly-sales-and-profit,-raises-guidance

Tractor Supply reports record quarterly sales and profit, raises guidance

Tractor Supply Co. TSCO, -6.03% reported second-quarter net income of $396.5 million, or $3.53 per share, up from $370.0 million, or $3.19 per share, last year. Sales of $3.903 billion were up from $3.602 billion last year. The FactSet consensus was for EPS of $3.51 and sales of $3.892 billion. Same-store sales increased 5.5%, ahead of the FactSet consensus for 5.2% growth. Chief Executive Hal Lawton said in a statement that the rural retailer reached sales and profit records and is poised for further growth “despite our outlook for a highly inflationary and volatile environment.” For the year, Tractor Supply now forecasts sales of $13.95 billion to $14.05 billion, up from previous guidance for $13.6 billion to $13.8 billion; same-store sales growth of 5.2% to 5.8%, up from previous guidance for 3.0%-to-4.5% growth; and EPS of $9.48 to $9.60, up from $9.20 to $9.50. The FactSet consensus is for sales of $13.89 billion, same-store sales growth of 4.6%, and EPS of $9.58. Despite the results and upward guidance revision, Tractor Supply stock slipped 2.6% in Thursday premarket trading. The stock is down 13.1% for the year to date.

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