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Tractor Supply Q2 Results Beat Estimates; Raises FY21 Outlook

Tractor Supply Q2 Results Beat Estimates; Raises FY21 Outlook
  • Tractor Supply Company (NASDAQ: TSCO) reported second-quarter FY21 sales growth of 13.4% year-on-year to $3.60 billion, beating the analyst consensus of $3.44 billion.
  • Comparable store sales increased 10.5% in the quarter, driven by growth in everyday merchandise, including consumable, usable, and edible products and demand for spring and summer seasonal categories.
  • Gross profit rose 11.3% Y/Y to $1.29, and the profit margin fell 67 basis points Y/Y to 35.8%.
  • The operating margin for the quarter was 13.5%, with a $485.9 million operating income.
  • Selling, general, and administrative (SG&A) expenses saw a 13.1% hike Y/Y to $801.6 million.
  • EPS of $3.19 beat the analyst consensus of $2.92.
  • The retailer held $1.4 billion in cash and equivalents as of June 26, 2021.
  • Outlook: The company raised the FY21 EPS outlook to $7.70-$8.00 from $7.05-$7.40, versus a consensus of $7.38.
  • Tractor supply also raised its FY21 sales guidance to $12.10 billion-$12.30 billion from $11.40 billion-$11.70 billion, versus a consensus of $11.64 billion.
  • Price action: TSCO shares are trading lower by 2.65% at $184.00 in premarket on the last check Monday.

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