Tractor Supply reports Q2 EPS $3.83, consensus $3.92

Reports Q2 revenue $4.18B, consensus $4.26B. “As has been well documented, U.S. consumer spending on goods is moderating. Additionally, our business was further impacted by seasonal underperformance, particularly in June. Consequently, our second quarter results, while solid, were below our expectations…Given our first half performance and our view that our customers will continue to be discerning in their spending for the remainder of the year, we are adjusting our full year outlook,” said Hal Lawton, CEO. “We believe we have a robust, distinct business model in an attractive market. We have achieved remarkable growth and market share gains over the last three plus years…Today, based on market insights, we are announcing an increase to our long-term store target to 3,000 organic sites. Additionally, we are announcing our intention to increase our annual new store openings to 90 beginning in 2025 with 2024 being a transition year. With significant share opportunity in a total addressable market of more than $180 billion, we have a long growth runway ahead of us as we continue to execute on our Life Out Here strategy”.