Tractor Supply is weather-challenged in Q1
Tractor Supply Company reported declines in first quarter comp-store sales and net income as mild weather reduced sales of winter products.
"Due to the challenging weather conditions, we were unable to offset the strong seasonal performance from last year's first quarter," said CEO Greg Sandfort. "As the weather has normalized over the past few weeks, we are encouraged with how the customer has responded and believe there is significant spring business ahead of us."
Net income decreased 10.9% to $60.3 million from $67.7 million in the year-ago quarter. Net sales for the quarter ended April 1 were $1.56 billion, up from $1.47 billion in the year-ago period.
Comparable store sales decreased 2.2% along with decreases in comparable transaction count and average ticket of 1.4% and 0.9%, respectively, as well as lower sales of seasonal merchandise.
"Due to the challenging weather conditions, we were unable to offset the strong seasonal performance from last year's first quarter," said CEO Greg Sandfort. "As the weather has normalized over the past few weeks, we are encouraged with how the customer has responded and believe there is significant spring business ahead of us."
Net income decreased 10.9% to $60.3 million from $67.7 million in the year-ago quarter. Net sales for the quarter ended April 1 were $1.56 billion, up from $1.47 billion in the year-ago period.
Comparable store sales decreased 2.2% along with decreases in comparable transaction count and average ticket of 1.4% and 0.9%, respectively, as well as lower sales of seasonal merchandise.