- Tractor Supply Co (NASDAQ: TSCO) reported second-quarter FY22 sales growth of 8.4% year-on-year, to $3.90 billion, matching the consensus of $3.90 billion.
- Comparable store sales increased 5.5%, driven by comparable average ticket growth of 7.5%.
- EPS of $3.53 topped the Wall Street view of $3.52.
- Gross profit increased 7.7% Y/Y to $1.39 billion, and the gross margin contracted 24 basis points to 35.5%.
- The operating margin was 13.5%, and operating income for the quarter rose 8.1% to $525 million.
- Tractor Supply held $530.8 million in cash and equivalents as of June 25, 2022. Net cash provided by operating activities for the six months totaled $625.6 million.
- Outlook: Tractor Supply raised FY22 sales guidance to $13.95 billion - $14.05 billion (prior $13.6 billion - $13.8 billion), above the consensus of $13.88 billion.
- The company also raised its FY22 EPS outlook to $9.48 - $9.60 (Previously $9.20 - $9.50), against the consensus of $9.58.
- It expects comparable store sales growth of 5.2% - 5.8% (prior view 3.0% - 4.5%).
- Price Action: TSCO shares are trading lower by 2.58% at $201.96 in premarket on the last check Thursday.
Read at Benzinga