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FULL YEAR: TRACTOR SUPPLY CO'S NET SALES UP 2%, NET INCOME DOWN 1%: $1,101 BILLION
Source: Tractor Supply Co. news release

BRENTWOOD, Tenn. -- Tractor Supply Company (NASDAQ: TSCO), the largest rural lifestyle retailer in the United States (the "Company"), today reported financial results for its fourth quarter and fiscal year 2024 ended December 28, 2024. Comparison period per share amounts have been retroactively adjusted to reflect the Company's 5-for-1 stock split, effective December 20, 2024.

*Fourth Quarter Net Sales Increased 3.1% with Comparable

*Store Sales Increase of 0.6% with Strong Comparable Average Transaction Growth of 2.3%

*Fiscal Year 2024 Net Sales Increased 2.2% with Comparable Store Sales Increase of 0.2%

*Fourth Quarter Diluted Earnings per Share ("EPS") of $0.44 and Fiscal Year 2024 Diluted EPS of $2.04

*Returned More than $1 Billion to Shareholders through Share Repurchases and Dividends

*Company Provides Fiscal Year 2025 Guidance with Net Sales Growth in the Mid-Single Digits and Diluted EPS Outlook of $2.10 to $2.22

"In 2024, our business performed well in a challenging retail environment, and we made significant progress on our Life Out Here strategy," said Hal Lawton, President and Chief Executive Officer of Tractor Supply. "We achieved numerous milestones during the year, including having about half of our stores in the Project Fusion layout and opening our 10th and largest distribution center. The fundamentals of our business remain strong with ongoing market share gains, record Neighbor's Club members, digital sales in excess of one billion dollars and high-return new store openings.

"I extend my sincere gratitude to the more than 50,000 Team Members for their steadfast dedication to upholding our Mission and Values and supporting their communities."

"We enter the back half of the decade with momentum and opportunity. Our existing initiatives are creating value and have continued runway for growth. Our recently announced Life Out Here 2030 strategy represents significant opportunities to continue to gain market share in a growing total addressable market.

"Our acquisition of Allivet, a leading online pet pharmacy, is a great example of unlocking new opportunities for growth. We expect our 2025 comparable store sales to improve throughout the year as the macro headwinds impacting our business abate. We remain excited about our bright future and are committed to delivering sustained long-term value creation for our shareholders," said Lawton.

Fiscal Year 2024 Results

Net sales for fiscal 2024 increased 2.2% to $14.88 billion from $14.56 billion in fiscal 2023. Comparable store sales increased 0.2% compared to fiscal 2023.

Gross profit increased 3.2% to $5.40 billion from $5.23 billion in fiscal 2023, and gross margin increased 34 basis points to 36.3% from 35.9% in fiscal 2023.

SG&A expenses, including depreciation and amortization, increased 4.8% to $3.93 billion from $3.75 billion in fiscal 2023. As a percent of net sales, SG&A expenses increased 63 basis points to 26.4% from 25.8% in fiscal 2023.

Operating income decreased 0.8% to $1.47 billion compared to $1.48 billion in fiscal 2023.

The effective income tax rate was 22.1% compared to 22.7% in fiscal 2023.

Net income decreased 0.5% to $1.10 billion from $1.11 billion, and diluted EPS increased 1.1% to $2.04 from $2.02 in fiscal 2023.

In fiscal 2024, the Company repurchased approximately 10.6 million shares of its common stock for $560.8 million. The Company also paid quarterly cash dividends totaling $472.5 million during fiscal 2024, returning $1.03 billion of capital to shareholders.

During fiscal 2024, the Company opened 80 new Tractor Supply stores and 11 new Petsense by Tractor Supply stores and closed three Petsense by Tractor Supply stores.

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