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Did Tractor Supply beat or miss consensus estimates last quarter?

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

- **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.

Tractor Supply Company (TSCO) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

TSCO

TSCO fundamentals

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