What factors drove the changes in Tractor Supply's revenue and profit?

What were the key takeaways from Tractor Supply’s earnings call?

What is Tractor Supply's latest dividend and current dividend yield?

What is the market's earnings forecast for Tractor Supply next quarter?

What does Tractor Supply do and what are its main business segments?

Did Tractor Supply beat or miss consensus estimates last quarter?

What is Tractor Supply's gross profit margin?

What is the revenue and EPS growth rate for Tractor Supply year over year?

- **Revenue Resilience**: 7.2% net sales growth, 3.9% comp sales driven by transactions and ticket growth.
- **Strategic Momentum**: Direct sales $200k/week, 312 stores covered; Final Mile and AI investments paying dividends.
- **Guidance Clarity**: 2025 EPS $2.06-2.13, 2026 to see normalized margin expansion with 100 new stores.
- **Customer Loyalty**: 80% sales via Neighbor's Club, record satisfaction scores, and 17Qs of engagement improvement.
- **Growth Catalysts**: Wildlife, Field & Stream, and ammo categories expanding; 2026 to focus on self-funding direct sales and rural expansion.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 net sales increased 7.2% to $3.72 billion, with comparable store sales up 3.9%. Transaction growth of 2.7% and average ticket growth of 1.2% drove results.
- **Customer Engagement**: Record customer satisfaction scores, 80% of sales via Neighbor's Club members, and reactivated customers highlight loyalty.
- **Category Performance**: Strong seasonal (lawn & garden, power equipment) and C.U.E. (livestock, wildlife) sales offset softness in discretionary categories.
- **Strategic Initiatives**: Direct sales reps now cover 312 stores, generating $200k+ weekly sales. Final Mile and AI-driven efficiency improvements are key priorities.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net income $142M, Non-GAAP EPS $0.49. Gross margin 37.4%, up 15bps vs. prior year. SG&A deleveraged 29bps due to strategic investments.
- **Guidance Update**: Narrowed 2025 guidance to 4.6-5.6% net sales growth, 1.4-2.4% comp sales, and $2.06-2.13 EPS. 2026 outlook includes 100 new stores and normalized margin expansion.
- **Tariff Impact**: AUR growth offset by 50-60bps from tariffs, with plans to self-fund direct sales by 2026.

**【Q&A Key Highlights】**
- **Direct Sales**: 48 reps active, targeting 100+ by end-2025. Sales per rep 7x store average, with no incremental 2026 costs.
- **Consumer Behavior**: Resilient core C.U.E. business, cautious on big-ticket despite 50%+ tractors/riders share gain.
- **Pricing Strategy**: Surgical price adjustments to maintain value perception; AUR growth expected to continue.
- **Store Growth**: 68 new stores YTD, 100+ in 2026. Cannibalization lower than modeled, West expansion a focus.
- **AI & Retail Media**: 1,500+ employees using OpenAI, agents automating tasks; Retail Media revenue up 3x YoY.

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