Tractor Supply Posts Q1 Earnings Below Street View Hit By Less Favorable Spring Weather Trends

Tractor Supply Co TSCO reported first-quarter FY23 sales growth of 9.1% year-on-year to $3.30 billion, missing the consensus of $3.32 billion.
Comparable store sales increased by 2.1%, driven by comparable average ticket growth of 2.8% and comparable average transaction count decrease of 0.7%.
EPS of $1.65 missed the Wall Street view of $1.71.
Gross profit increased 10.7% Y/Y to $1.17 billion, and the gross margin expanded 52 basis points to 35.5%.
The operating margin was 7.41%, and operating income for the quarter was $244.4 million.
Tractor Supply held $190.1 million in cash and equivalents as of April 1, 2023. Net cash provided by operating activities for Q1 totaled $19.5 million.
Outlook: Tractor Supply reaffirms FY23 sales outlook of $15.0 billion - $15.3 billion versus the Street view of $15.23 billion.
The company expects FY23 EPS of $10.30 - $10.60 against the consensus of $10.51.
It expects comparable store sales growth of 3.5% - 5.5%.
Price Action: TSCO shares are trading lower by 1.02% at $240.72 on the last check Thursday.
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