Tractor Supply Beats Q1 Expectations

reported better-than-expected results for the first quarter. The Brentwood, Tennessee-based company reported a quarterly profit of $58 million, or $0.42 per share, versus a year-ago profit of $48.8 million, or $0.35 per share. Its revenue climbed 12.5 percent year-over-year to $1.33 billion from $1.18 billion. However, analysts were expecting a profit of $0.41 per share on revenue of $1.31 billion. Its same-store sales increased 5.7 percent in the latest quarter, versus a 2.2 percent growth in the year-ago period. Comparable store transaction count rose 4.8 percent, while average ticket climbed 0.8 percent. Gross profit rose 12.2 percent year-over-year to $444.6 million from $396.2 million. During the first quarter, Tractor Supply opened 41 new stores and closed 1 store, versus 32 new store openings and no store closures in the year-ago quarter. The average estimate among 13 Estimize users was for earnings of $0.42 per share and revenue of $1.32 billion. Greg Sandfort, President and Chief Executive Officer, said, "We are pleased with our performance in the first quarter and the overall trends in our business. Sales growth was well balanced across all major merchandise categories and geographic regions, driven by increases in both traffic and ticket." Tractor Supply reaffirmed its guidance for 2015. The company expects FY15 earnings of $2.95 to $3.05 per share, on revenue of $6.2 billion to $6.3 billion. Analysts had projected earnings of $3.06 per share on revenue of $6.29 billion. Tractor Supply shares fell 2.01 percent to $89.00 in the after-hours trading session.