Tractor Supply Company has revealed its financial projections for fiscal 2024, expecting earnings per share to fall between $9.85 and $10.50, and net sales to range from $14.7 billion to $15.1 billion. The company also outlined their 2024 capital plans, which includes the launch of around 80 new stores, the progression of the Project Fusion redesign, transformation of garden centers, the opening of their 10th distribution center, and the establishment of 10 to 15 Petsense by Tractor Supply stores.
In the first quarter, the company's net income saw an increase of 8.2%, rising from $183.1 million in the previous year to $198.2 million. Earnings per share also increased by 10.9%, from $1.65 to $1.83, which surpassed analysts' average prediction of $1.72 per share, as compiled by Thomson Reuters. However, it should be noted that analysts usually exclude special items from their estimates.
Net sales in the first quarter also experienced an upward trend, with a 2.9% increase, reaching a record of $3.39 billion. According to the company, this boost can be credited to the opening of new stores and an increase in comparable store sales, which saw a rise of 1.1% for this quarter.
