Tractor Supply said net sales for Q3 of fiscal 2024 rose 1.6% to $3.47 billion, while net income fell 5.3% to $241.5 million, or $2.24 per diluted share. The company said comparable store sales declined 0.2%.

10-QQuarterly reportFiled Nov 7, 2024Period of report Sep 28, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

Tractor Supply said net sales for Q3 of fiscal 2024 rose 1.6% to $3.47 billion, while net income fell 5.3% to $241.5 million, or $2.24 per diluted share. The company said comparable store sales declined 0.2%.
The company said its gross margin rate for Q3 rose 56 basis points to 37.2%, while its SG&A rate rose 119 basis points to 27.8%. The company cited planned growth investments, including the onboarding of a new distribution center, and a one-time depreciation expense benefit in the prior year of $11.3 million as factors behind the higher SG&A rate.
Tractor Supply said operating cash flow for the first 9 months of fiscal 2024 was $903.6 million, down $34.3 million from $937.9 million a year earlier. The company attributed the decline mainly to higher inventories and accounts payable.
Tractor Supply said it repurchased about 0.6 million shares for a total of $149.8 million in Q3 and paid quarterly cash dividends of $117.8 million, returning $267.6 million to shareholders. As of September 28, 2024, the remaining authorization under the share repurchase program was $641.7 million.

Key figures

Quarter ended September 28, 2024

Revenue: $3.5B
Operating income: $325M
Net income: $241M
EPS: $2.24
Gross profit: $1.3B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q3 Sales and Net Income Changes

Tractor Supply said net sales for Q3 of fiscal 2024 rose 1.6% to $3.47 billion, while net income fell 5.3% to $241.5 million, or $2.24 per diluted share. The company said comparable store sales declined 0.2%.

Source · Based on the MD&A text of the filing

Q3 Gross Margin and SG&A

The company said its gross margin rate for Q3 rose 56 basis points to 37.2%, while its SG&A rate rose 119 basis points to 27.8%. The company cited planned growth investments, including the onboarding of a new distribution center, and a one-time depreciation expense benefit in the prior year of $11.3 million as factors behind the higher SG&A rate.

Source · Based on the MD&A text of the filing

9-Month Cumulative Operating Cash Flow

Tractor Supply said operating cash flow for the first 9 months of fiscal 2024 was $903.6 million, down $34.3 million from $937.9 million a year earlier. The company attributed the decline mainly to higher inventories and accounts payable.

Source · Based on the MD&A text of the filing

Q3 Shareholder Returns

Tractor Supply said it repurchased about 0.6 million shares for a total of $149.8 million in Q3 and paid quarterly cash dividends of $117.8 million, returning $267.6 million to shareholders. As of September 28, 2024, the remaining authorization under the share repurchase program was $641.7 million.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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