Tractor Supply posts Q1 earnings decline

Tractor Supply Company posted first quarter declines in comp-store sales and net income. 

"Due to the challenging weather conditions, we were unable to offset the strong seasonal performance from last year's first quarter," said CEO Greg Sandfort. "As the weather has normalized over the past few weeks, we are encouraged with how the customer has responded and believe there is significant spring business ahead of us."

Net income decreased 10.9% to $60.3 million from $67.7 million in the year-ago quarter.

As previously reported, net sales for the quarter ended April 1 were $1.56 billion, up from $1.47 billion in the first quarter of 2016. 

Comparable store sales decreased 2.2% compared to an increase of 4.9% last year, however. This included decreases in comparable transaction count and average ticket of 1.4% and 0.9%, respectively, as well as lower sales of seasonal merchandise.

Sales also had a rough go at it in the Northeast, where weather impacted sales the most.

"Looking ahead, we know the retail landscape is changing very quickly, and we know our customers' expectations are changing as well," added Sandfort. "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."