Tractor Supply said net sales rose 2.9% to $3.39 billion in Q1 2024 (ended March 30, 2024). It said comparable store sales increased 1.1%, reflecting a 1.3% increase in comparable transaction count and a 0.2% decrease in comparable average ticket.

1. 01

   Tractor Supply said net sales rose 2.9% to $3.39 billion in Q1 2024 (ended March 30, 2024). It said comparable store sales increased 1.1%, reflecting a 1.3% increase in comparable transaction count and a 0.2% decrease in comparable average ticket.

2. 02

   The company said its gross margin rate for Q1 was 36.0%, up 50 basis points from 35.5% a year earlier, and operating income rose 7.6% to $263.1 million. The company cited lower transportation costs, disciplined product cost management and its everyday low price strategy as factors behind the higher gross margin rate.

3. 03

   Net income for Q1 rose 8.2% to $198.2 million, the company said, and diluted earnings per share increased 10.9% to $1.83 from $1.65 a year earlier.

4. 04

   Tractor Supply said it reiterated its 2024 fiscal year outlook, with net sales of $14.7 billion to $15.1 billion and diluted earnings per share of $9.85 to $10.50. The outlook was first provided on February 1, 2024.

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Original filing

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