Tractor Supply (TSCO) had Q2 sales of $1.58B (+8.8% Y/Y), below a $1.6B consensus. The company expects Q2 EPS of $0.94-$0.95, below a $1.02 consensus. Gross margin is expected to be flat Y/Y.
Moreover, Tractor Supply now forecasts full-year revenue, EPS, and same-store sales will be at the low end of prior guidance ranges of $5.62B-$5.7B, $2.54-$2.62, and 2.5%-4%. Revenue and EPS consensus are at $5.67B and $2.62.
Same-store sales rose 1.9% Y/Y in Q2, down from 2.2% in Q1 and 7.2% a year ago. Solid traffic and strong sales of consumable, usable, and edible products was partly offset by weak sales of seasonal products (mostly in Northern regions), ongoing softness in TSCO's safe category, and deflation.
Full Q2 results arrive on July 23.