Sales Increased 8.9% to $2.02 Billion
Comparable Store Sales Increased 2.2%
Earnings per Share Increased 7.8% to $1.25
BRENTWOOD, Tenn., July 26, 2017 (GLOBE NEWSWIRE) -- Tractor Supply Company (NASDAQ:TSCO),
the largest rural lifestyle retail store chain in the United States, today announced financial results for its second quarter ended
July 1, 2017.
Second Quarter Results
Net sales for the second quarter 2017 increased 8.9% to $2.02 billion from $1.85 billion in the second quarter of 2016.
Comparable store sales increased 2.2% versus a decrease of 0.5% in the prior year’s second quarter. Each quarter of fiscal
2017 starts one week later than the same quarter of fiscal 2016 due to the Company’s 2016 fiscal year having 53 weeks versus the
normal 52 weeks. Adjusting for the week shift, last year’s comparable store sales increase would have been 1.0%. The
2017 second quarter had one less sales day compared to the second quarter of 2016. We estimate the one less sales day
impacted comparable store sales by approximately 60 basis points, and the increase in the quarter would have been approximately
2.8% on an equivalent quarter basis. The comparable store sales results included an increase in comparable transaction count
of 2.2% while average ticket remained flat to prior year’s second quarter. The increase in comparable store sales was driven
by broad growth across a number of product categories and geographic regions. Continued strength in year-round products
helped drive the comparable stores sales result, with the Livestock and Pet category leading the performance.
Gross profit increased 8.5% to $704.7 million from $649.2 million in the prior year’s second quarter and gross
margin decreased ten basis points to 34.9% from 35.0% in the prior year period. The slight decline in gross margin resulted
primarily from higher freight expense from increased diesel fuel prices and a mix shift to more freight intensive
products.
Selling, general and administrative (SG&A) expenses, including depreciation and amortization, increased
11.7% to $446.8 million from $400.0 million in the prior year period. As a percent of net sales, SG&A expenses increased
50 basis points to 22.1% from 21.6% in the second quarter of 2016. The increase in SG&A as a percent of net sales was primarily
attributable to higher store payroll costs to enhance customer service, investments in infrastructure and technology to drive
growth and the integration of Petsense expenses.
Net income increased 2.7% to $160.6 million from $156.4 million and diluted earnings per share increased 7.8% to
$1.25 from $1.16 in the second quarter of the prior year.
The Company opened 14 new Tractor Supply stores and closed one store, a Del’s store, in the second quarter of
2017 compared to 22 new store openings and one store closure, a Del’s store, in the prior year period. The Company also
opened eight new Petsense stores during the quarter and had no Petsense store closures.
Greg Sandfort, Chief Executive Officer, stated, “We experienced broad based positive sales trends across our
business and were pleased to see improved performance across many of our major departments in the second quarter. With
favorable weather conditions, we have seen continued strong demand for spring seasonal products into the early weeks of the third
quarter, and we believe we are positioned to take advantage of an extended spring selling season. Further, as the connection
between our stores and online presence strengthens, we see evidence that our initiatives to provide our customers one seamless
shopping experience are contributing to our top line results. With this in mind, we continue to execute against the strategic
initiatives that we believe will drive sales and customer service as well as maintain our competitive positioning.”
First Six Months Results
Net sales increased 7.9% to $3.58 billion from $3.32 billion in the first six months of 2016. Comparable store sales increased 0.2%
versus a 1.9% increase in the first six months of 2016. Gross profit increased 6.9% to $1.22 billion from $1.14 billion and gross
margin decreased to 34.1% from 34.4% in the first six months of 2016.
Selling, general and administrative expenses, including depreciation and amortization, increased 10.5% to $868.6
million and increased as a percent of net sales to 24.2% compared to 23.7% for the first six months of 2016.
Net income decreased 1.4% to $221.0 million from $224.1 million and net income per diluted share increased 2.4%
to $1.70 from $1.66 for the first six months of 2016.
The Company opened 38 new Tractor Supply stores, converted its two Hometown Pet stores to Petsense stores, and
closed one store, a Del’s store, in the first six months of 2017 compared to 58 new store openings and four store closures during
the first six months of 2016. The Company also opened 17 new Petsense stores (including the conversion of the Hometown Pet
stores) during the first six months and had no Petsense store closures.
Fiscal 2017 Outlook
Based upon the results of the first six months of fiscal 2017, the Company is providing the following updated guidance for the
expected results of operations in fiscal 2017:
|
|
Updated |
|
Previous |
Net Sales |
|
$7.13 billion - $7.19 billion |
|
$7.22 billion - $7.29 billion |
Comparable Store Sales |
|
1.1% - 1.7% |
|
2.0% - 3.0% |
Net Income |
|
$413 million - $419 million |
|
$445 million - $457 million |
Earnings per Diluted Share |
|
$3.22 - $3.27 |
|
$3.44 - $3.52 |
Capital Expenditures |
|
$250 million - $270 million |
|
$270 million - $290 million |
Conference Call Information
Tractor Supply Company will be hosting a conference call at 5:00 p.m. Eastern Time today to discuss the quarterly results.
The call will be broadcast simultaneously over the Internet on the Company’s website at IR.TractorSupply.com.
Please allow extra time prior to the call to visit the site and download the streaming media software required
to listen to the Internet broadcast.
A replay of the webcast will also be available at IR.TractorSupply.com shortly after the conference call concludes.
About Tractor Supply Company
Founded in 1938, Tractor Supply Company is the largest rural lifestyle retail store chain in the United States. At July 1,
2017, the Company operated 1,630 Tractor Supply stores in 49 states and an e-commerce website at www.tractorsupply.com. Tractor Supply stores are focused on supplying the lifestyle
needs of recreational farmers and ranchers and others who enjoy the rural lifestyle, as well as tradesmen and small
businesses. Stores are located primarily in towns outlying major metropolitan markets and in rural communities. The
Company offers the following comprehensive selection of merchandise: (1) equine, livestock, pet and small animal products,
including items necessary for their health, care, growth and containment; (2) hardware, truck, towing and tool products; (3)
seasonal products, including heating, lawn and garden items, power equipment, gifts and toys; (4) work/recreational
clothing and footwear; and (5) maintenance products for agricultural and rural use.
Tractor Supply Company also owns and operates Petsense, a small-box pet specialty supply retailer focused on
meeting the needs of pet owners, primarily in small and mid-size communities, and offering a variety of pet products and
services. At July 1, 2017, the Company operated 160 Petsense stores in 26 states. For more information on Petsense,
visit www.petsense.com.
Forward Looking Statements
As with any business, all phases of the Company’s operations are subject to influences outside its control. This information
contains certain forward-looking statements, including without limitation, statements regarding sales and earnings growth,
estimated results of operations, capital expenditures, marketing, merchandising and strategic initiatives. These
forward-looking statements are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and
are subject to the finalization of the Company’s quarterly financial and accounting procedures, and may be affected by certain
risks and uncertainties, any one, or a combination, of which could materially affect the results of the Company’s operations.
These factors include, without limitation, national, regional and local economic conditions affecting consumer spending, the timing
and acceptance of new products in the stores, the timing and mix of goods sold, purchase price volatility (including
inflationary and deflationary pressures), the ability to increase sales at existing stores, the ability to manage growth and
identify suitable locations, failure of an acquisition to produce anticipated results, the ability to successfully manage expenses
and execute key gross margin enhancing initiatives, the availability of favorable credit sources, capital market conditions in
general, the ability to open new stores in the manner and number currently contemplated, the impact of new stores on the business,
competition, including from online competitors, weather conditions, the seasonal nature of the business, effective merchandising
initiatives and marketing emphasis, the ability to retain vendors, reliance on foreign suppliers, the ability to attract, train and
retain qualified employees, product liability and other claims, changes in federal, state or local regulations, potential
judgments, fines, legal fees and other costs, breach of information systems or theft of employee or customer data, ongoing and
potential future legal or regulatory proceedings, management of the Company’s information systems, failure to develop and implement
new technologies, the failure of customer-facing technology systems, business disruption including from the implementation of
supply chain technologies, effective tax rate changes and results of examination by taxing authorities, the ability to maintain an
effective system of internal control over financial reporting, and changes in accounting standards, assumptions and
estimates. Forward-looking statements made by or on behalf of the Company are based on knowledge of its business and the
environment in which it operates at the time the statements are made, but because of the factors listed above, actual results could
differ materially from those reflected by any forward-looking statements. Consequently, all of the forward-looking statements
made are qualified by these cautionary statements and those contained in the Company’s Annual Report on Form 10-K and other filings
with the Securities and Exchange Commission. There can be no assurance that the results or developments anticipated by the
Company will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the
Company or its business and operations. Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. The Company does not undertake any obligation to release publicly any
revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence
of unanticipated events.
(Financial tables to follow)
Condensed Consolidated Statements of
Income |
(Unaudited) |
(in thousands, except per share
amounts) |
|
|
|
|
|
|
|
SECOND QUARTER ENDED |
|
SIX MONTHS ENDED |
|
|
July 1, 2017 |
|
June 25, 2016 |
|
July 1, 2017 |
|
June 25, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of |
|
|
|
% of |
|
|
|
% of |
|
|
|
% of |
|
|
|
|
Sales |
|
|
|
Sales |
|
|
|
Sales |
|
|
|
Sales |
Net sales |
|
$ |
2,017,762 |
|
|
100.0 |
% |
|
$ |
1,852,534 |
|
|
100.0 |
% |
|
$ |
3,581,840 |
|
|
100.0 |
% |
|
$ |
3,320,331 |
|
|
100.0 |
% |
Cost of merchandise sold |
|
1,313,054 |
|
|
65.1 |
|
|
1,203,312 |
|
|
65.0 |
|
|
2,358,929 |
|
|
65.9 |
|
|
2,176,665 |
|
|
65.6 |
|
Gross profit |
|
704,708 |
|
|
34.9 |
|
|
649,222 |
|
|
35.0 |
|
|
1,222,911 |
|
|
34.1 |
|
|
1,143,666 |
|
|
34.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
405,736 |
|
|
20.1 |
|
|
365,916 |
|
|
19.8 |
|
|
787,850 |
|
|
22.0 |
|
|
718,588 |
|
|
21.6 |
|
Depreciation and amortization |
|
41,047 |
|
|
2.0 |
|
|
34,057 |
|
|
1.8 |
|
|
80,774 |
|
|
2.2 |
|
|
67,634 |
|
|
2.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
257,925 |
|
|
12.8 |
|
|
249,249 |
|
|
13.4 |
|
|
354,287 |
|
|
9.9 |
|
|
357,444 |
|
|
10.8 |
|
Interest expense, net |
|
3,092 |
|
|
0.2 |
|
|
1,910 |
|
|
0.1 |
|
|
5,869 |
|
|
0.2 |
|
|
3,035 |
|
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
254,833 |
|
|
12.6 |
|
|
247,339 |
|
|
13.3 |
|
|
348,418 |
|
|
9.7 |
|
|
354,409 |
|
|
10.7 |
|
Income tax expense |
|
94,184 |
|
|
4.6 |
|
|
90,914 |
|
|
4.9 |
|
|
127,458 |
|
|
3.5 |
|
|
130,316 |
|
|
3.9 |
|
Net income |
|
$ |
160,649 |
|
|
8.0 |
% |
|
$ |
156,425 |
|
|
8.4 |
% |
|
$ |
220,960 |
|
|
6.2 |
% |
|
$ |
224,093 |
|
|
6.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.25 |
|
|
|
|
$ |
1.17 |
|
|
|
|
$ |
1.71 |
|
|
|
|
$ |
1.68 |
|
|
|
Diluted |
|
$ |
1.25 |
|
|
|
|
$ |
1.16 |
|
|
|
|
$ |
1.70 |
|
|
|
|
$ |
1.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
128,186 |
|
|
|
|
133,564 |
|
|
|
|
129,231 |
|
|
|
|
133,597 |
|
|
|
Diluted |
|
128,722 |
|
|
|
|
134,562 |
|
|
|
|
129,906 |
|
|
|
|
134,635 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share outstanding |
|
$ |
0.27 |
|
|
|
|
$ |
0.24 |
|
|
|
|
$ |
0.51 |
|
|
|
|
$ |
0.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Comprehensive Income |
(Unaudited) |
(in thousands) |
|
|
|
|
|
|
|
SECOND QUARTER ENDED |
|
SIX MONTHS ENDED |
|
|
July 1, 2017 |
|
June 25, 2016 |
|
July 1, 2017 |
|
June 25, 2016 |
Net income |
|
$ |
160,649 |
|
|
$ |
156,425 |
|
|
$ |
220,960 |
|
|
$ |
224,093 |
|
|
|
|
|
|
|
|
|
|
Other comprehensive (loss) income: |
|
|
|
|
|
|
|
|
Change in fair value of interest rate swaps, net of taxes |
|
(152 |
) |
|
(1,362 |
) |
|
129 |
|
|
(1,362 |
) |
Total other comprehensive (loss) income |
|
(152 |
) |
|
(1,362 |
) |
|
129 |
|
|
(1,362 |
) |
Total comprehensive income |
|
$ |
160,497 |
|
|
$ |
155,063 |
|
|
$ |
221,089 |
|
|
$ |
222,731 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Balance
Sheets |
(Unaudited) |
(in thousands) |
|
|
|
|
|
|
|
July 1, 2017 |
|
June 25, 2016 |
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
67,793 |
|
|
$ |
151,112 |
|
Inventories |
|
1,468,254 |
|
|
1,366,499 |
|
Prepaid expenses and other current assets |
|
90,409 |
|
|
67,613 |
|
Income taxes receivable |
|
4,066 |
|
|
3,311 |
|
Total current assets |
|
1,630,522 |
|
|
1,588,535 |
|
|
|
|
|
|
Property and equipment: |
|
|
|
|
Land |
|
99,267 |
|
|
94,387 |
|
Buildings and improvements |
|
995,716 |
|
|
870,053 |
|
Furniture, fixtures and equipment |
|
584,275 |
|
|
544,724 |
|
Computer software and hardware |
|
243,577 |
|
|
199,058 |
|
Construction in progress |
|
48,521 |
|
|
55,014 |
|
Property and equipment, gross |
|
1,971,356 |
|
|
1,763,236 |
|
Accumulated depreciation and amortization |
|
(988,998 |
) |
|
(861,274 |
) |
Property and equipment, net |
|
982,358 |
|
|
901,962 |
|
|
|
|
|
|
Goodwill and other intangible assets |
|
125,717 |
|
|
10,258 |
|
Deferred income taxes |
|
52,960 |
|
|
58,812 |
|
Other assets |
|
24,015 |
|
|
19,199 |
|
Total assets |
|
$ |
2,815,572 |
|
|
$ |
2,578,766 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
510,820 |
|
|
$ |
430,394 |
|
Accrued employee compensation |
|
14,264 |
|
|
27,744 |
|
Other accrued expenses |
|
184,829 |
|
|
201,077 |
|
Current portion of long-term debt |
|
20,000 |
|
|
10,000 |
|
Current portion of capital lease obligations |
|
3,418 |
|
|
1,081 |
|
Income taxes payable |
|
73,157 |
|
|
54,139 |
|
Total current liabilities |
|
806,488 |
|
|
724,435 |
|
|
|
|
|
|
Long-term debt |
|
433,676 |
|
|
186,212 |
|
Capital lease obligations, less current maturities |
|
33,860 |
|
|
21,494 |
|
Deferred rent |
|
102,525 |
|
|
89,317 |
|
Other long-term liabilities |
|
56,457 |
|
|
55,379 |
|
Total liabilities |
|
1,433,006 |
|
|
1,076,837 |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Common stock |
|
1,361 |
|
|
1,358 |
|
Additional paid-in capital |
|
693,775 |
|
|
647,719 |
|
Treasury stock |
|
(2,009,645 |
) |
|
(1,536,695 |
) |
Accumulated other comprehensive income (loss) |
|
1,521 |
|
|
(1,362 |
) |
Retained earnings |
|
2,695,554 |
|
|
2,390,909 |
|
Total stockholders’ equity |
|
1,382,566 |
|
|
1,501,929 |
|
Total liabilities and stockholders’ equity |
|
$ |
2,815,572 |
|
|
$ |
2,578,766 |
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Cash Flows |
(Unaudited) |
(in thousands) |
|
|
|
|
|
SIX MONTHS ENDED |
|
|
July 1, 2017 |
|
June 25, 2016 |
Cash flows from operating activities: |
|
|
|
|
Net income |
|
$ |
220,960 |
|
|
$ |
224,093 |
|
Adjustments to reconcile net income to net cash provided by operating
activities: |
|
|
|
|
Depreciation and amortization |
|
80,774 |
|
|
67,634 |
|
Loss on disposition of property and equipment |
|
198 |
|
|
233 |
|
Share-based compensation expense |
|
15,079 |
|
|
11,212 |
|
Deferred income taxes |
|
(7,742 |
) |
|
(3,618 |
) |
Change in assets and liabilities: |
|
|
|
|
Inventories |
|
(98,598 |
) |
|
(82,124 |
) |
Prepaid expenses and other current assets |
|
148 |
|
|
19,897 |
|
Accounts payable |
|
(8,702 |
) |
|
3,145 |
|
Accrued employee compensation |
|
(10,982 |
) |
|
(14,940 |
) |
Other accrued expenses |
|
(33,895 |
) |
|
(9,972 |
) |
Income taxes |
|
67,289 |
|
|
59,424 |
|
Other |
|
2,979 |
|
|
3,214 |
|
Net cash provided by operating activities |
|
227,508 |
|
|
278,198 |
|
Cash flows from investing activities: |
|
|
|
|
Capital expenditures |
|
(96,610 |
) |
|
(100,956 |
) |
Proceeds from sale of property and equipment |
|
10,781 |
|
|
40 |
|
Net cash used in investing activities |
|
(85,829 |
) |
|
(100,916 |
) |
Cash flows from financing activities: |
|
|
|
|
Borrowings under senior credit facility |
|
578,000 |
|
|
595,000 |
|
Repayments under senior credit facility |
|
(398,000 |
) |
|
(547,500 |
) |
Debt issuance costs |
|
(313 |
) |
|
(1,380 |
) |
Principal payments under capital lease obligations |
|
(669 |
) |
|
(513 |
) |
Repurchase of shares to satisfy tax obligations |
|
(653 |
) |
|
(843 |
) |
Repurchase of common stock |
|
(248,147 |
) |
|
(106,905 |
) |
Net proceeds from issuance of common stock |
|
7,835 |
|
|
30,943 |
|
Cash dividends paid to stockholders |
|
(65,855 |
) |
|
(58,785 |
) |
Net cash used in financing activities |
|
(127,802 |
) |
|
(89,983 |
) |
Net change in cash and cash equivalents |
|
13,877 |
|
|
87,299 |
|
Cash and cash equivalents at beginning of period |
|
53,916 |
|
|
63,813 |
|
Cash and cash equivalents at end of period |
|
$ |
67,793 |
|
|
$ |
151,112 |
|
|
|
|
|
|
Supplemental disclosures of cash flow information: |
|
|
|
|
Cash paid during the period for: |
|
|
|
|
Interest |
|
$ |
5,218 |
|
|
$ |
2,153 |
|
Income taxes |
|
67,752 |
|
|
73,205 |
|
|
|
|
|
|
Supplemental disclosures of non-cash activities: |
|
|
|
|
Property and equipment acquired through capital lease |
|
$ |
10,734 |
|
|
$ |
5,218 |
|
Non-cash accruals for construction in progress |
|
15,377 |
|
|
32,075 |
|
|
|
|
|
|
|
|
Selected Financial and Operating
Information (a) |
(Unaudited) |
|
|
|
|
|
|
|
SECOND QUARTER ENDED |
|
SIX MONTHS ENDED |
|
|
July 1,
2017
|
|
June 25,
2016
|
|
July 2,
2016 |
|
July 1,
2017
|
|
June 25,
2016
|
|
July 2,
2016
|
|
|
|
|
(originally
reported)
|
|
(adjusted for
week shift) (b)
|
|
|
|
(originally
reported)
|
|
(adjusted for
week shift) (b) |
Sales Information: |
|
|
|
|
|
|
|
|
|
|
|
|
Comparable store sales increase (decrease) |
|
2.2% |
|
(0.5)% |
|
1.0% |
|
0.2% |
|
1.9% |
|
1.7% |
New store sales (% of total sales) |
|
5.9% |
|
5.2% |
|
|
|
6.2% |
|
5.2% |
|
|
Average transaction value |
|
$46.48 |
|
$46.75 |
|
|
|
$44.64 |
|
$44.76 |
|
|
Comparable store average transaction value increase (decrease) |
|
0.0% |
|
(1.9)% |
|
(1.7)% |
|
(0.3)% |
|
(0.8)% |
|
(0.9)% |
Comparable store average transaction count increase |
|
2.2% |
|
1.5% |
|
2.7% |
|
0.5% |
|
2.7% |
|
2.7% |
Total selling square footage (000’s) |
|
27,188 |
|
24,864 |
|
|
|
27,188 |
|
24,864
|
|
|
Exclusive brands (% of total sales) |
|
31.3% |
|
31.0% |
|
|
|
31.9% |
|
31.8% |
|
|
Imports (% of total sales) |
|
12.0% |
|
11.5% |
|
|
|
11.8% |
|
11.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store Count Information: |
|
|
|
|
|
|
|
|
|
|
|
|
Tractor Supply |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
1,617 |
|
1,521
|
|
|
|
1,595 |
|
1,488
|
|
|
New stores opened |
|
14 |
|
22
|
|
|
|
38
|
|
58
|
|
|
Stores closed |
|
(1) |
|
(1)
|
|
|
|
(3)
|
|
(4)
|
|
|
End of period |
|
1, 630 |
|
1,542
|
|
|
|
1,630 |
|
1,542
|
|
|
Petsense |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
152 |
|
—
|
|
|
|
143
|
|
— |
|
|
New stores opened |
|
8 |
|
—
|
|
|
|
17
|
|
— |
|
|
Stores closed |
|
— |
|
—
|
|
|
|
—
|
|
— |
|
|
End of period |
|
160 |
|
—
|
|
|
|
160
|
|
— |
|
|
Consolidated end of period |
|
1,790 |
|
1,542 |
|
|
|
1,790 |
|
1,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-opening costs (000’s) |
|
$2,052 |
|
$2,305 |
|
|
|
$4,656 |
|
$4,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet Information: |
|
|
|
|
|
|
|
|
|
|
|
|
Average inventory per store (000’s) (c) |
|
$771.2 |
|
$824.6 |
|
|
|
$771.2 |
|
$824.6 |
|
|
Inventory turns (annualized) |
|
3.43 |
|
3.43 |
|
|
|
3.19 |
|
3.21 |
|
|
Share repurchase program: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost (000’s) |
|
$133,601 |
|
$7,803 |
|
|
|
$248,147 |
|
$106,905 |
|
|
Average purchase price per share |
|
$60.47 |
|
$89.90
|
|
|
|
$65.20 |
|
$84.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures (millions): |
|
|
|
|
|
|
|
|
|
|
|
|
Information technology |
|
$26.1 |
|
$10.5 |
|
|
|
$34.3 |
|
$17.3 |
|
|
New and relocated stores and stores not yet opened |
|
18.1 |
|
33.5 |
|
|
|
35.2 |
|
56.0 |
|
|
Existing stores |
|
12.1 |
|
17.4 |
|
|
|
20.7 |
|
21.8 |
|
|
Distribution center capacity and improvements |
|
5.3 |
|
2.8 |
|
|
|
6.3 |
|
5.8 |
|
|
Corporate and other |
|
0.1 |
|
0.1 |
|
|
|
0.1 |
|
0.1 |
|
|
Total |
|
$61.7 |
|
$64.3 |
|
|
|
$96.6 |
|
$101.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 Comparable Store Sales: Originally
Reported and Adjusted for Week Shift (b) |
(Unaudited) |
|
|
|
|
|
FISCAL 2016
|
|
|
First
Quarter |
|
Second
Quarter |
|
Third
Quarter |
|
Fourth
Quarter
|
|
Full
Year |
Comparable store sales increase (originally reported) |
|
4.9% |
|
(0.5)% |
|
(0.6)% |
|
3.1% |
|
1.6% |
Comparable store sales increase (adjusted for week shift) |
|
2.6% |
|
1.0% |
|
(1.1)% |
|
3.8% |
|
1.6% |
Impact of week shift |
|
(2.3)% |
|
1.5% |
|
(0.5)% |
|
0.7% |
|
—% |
|
|
|
|
|
|
|
|
|
|
|
(a) Beginning in the fourth quarter ended December 31, 2016, selected financial and operating information includes the
consolidation of Petsense unless otherwise noted. Petsense stores are not considered comparable stores until 12 months after
the date of acquisition.
(b) Due to the 53-week fiscal 2016, each quarter of fiscal 2017 starts one week later than the same quarter of fiscal
2016. The tables above represent comparable store sales for 2016 as originally reported and as adjusted to represent the same
13-week period as the 2017 fiscal quarters. The adjusted 13-week periods end on April 2, 2016, July 2, 2016, October 1, 2016
and December 31, 2016, respectively.
(c) Assumes average inventory cost, excluding inventory in transit.
Kurt D. Barton, Chief Financial Officer Christine Skold, Vice President, Investor Relations (615) 440-4000 Investors: John Rouleau/Rachel Schacter, ICR Media: Alecia Pulman/Brittany Rae Fraser, ICR TractorSupply.com (203) 682-8200