Tractor Supply Q1 Results: Earnings Miss, Revenue Outlook Widened

Tractor Supply Company TSCO shares traded lower on Thursday after the company reported first-quarter results.

The company reported quarterly earnings per share of 34 cents, missing the analyst consensus estimate of 37 cents. Quarterly revenues of $3.47 billion (up 2.1% year over year) missed the street view of $3.54 billion.

New store openings and the contribution from Allivet drove the increase in net sales.

Tractor Supply’s comparable store sales decreased 0.9% year over year compared to an increase of 1.1% in the prior year’s first quarter, with comparable average transaction growth of 2.1%.

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Gross profit increased 2.8% year over year to $1.26 billion, and gross margin increased 25 basis points to 36.2%.

The gross margin rate increase was primarily attributable to “disciplined” product cost management and the continued execution of an “everyday low price strategy.”

Operating income decreased 5.3% to $249.1 million from $263.1 million in the first quarter of 2024.

In the first quarter of 2025, the company opened 15 new Tractor Supply stores. And while it opened two new Petsense by Tractor Supply stores, it also closed two stores.

Outlook: Tractor Supply said it is “actively working with its vendor and supply chain partners to navigate the impact of recently announced tariffs, while also monitoring the broader macroeconomic factors impacting its customers.”

Tractor Supply lowered its FY25 GAAP EPS guidance to $2.00–$2.18 from the previous range of $2.10–$2.22, compared to the $2.17 estimate.

It also widened its FY2025 sales outlook to $15.48 billion to $16.07 billion from the prior view of $15.63 billion to $15.93 billion, versus the $15.73 billion estimate.

Comparable Store Sales is expected to increase in the range of +0% to +4% (prior view: +1% to +3%).

What’s Next: For the second quarter, the company expects net sales growth to be up 3% to 4%. Comparable store sales growth is expected to be flat to up 1%. Earnings per diluted share will be between 79 and 81 cents (estimate: 84 cents).

Price Action: TSCO shares are trading lower by 4.13% to $48.64 at last check Thursday.

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