Tractor Supply Q2 sales slightly miss estimates on seasonal, discretionary categories weakness
TSCO•Drivers of the quarter
- Seasonal and discretionary weakness — The company said May results were pressured by softness in seasonal categories, including big-ticket items, and lower spending in discretionary categories.
- Consumable categories resilient — Tractor Supply said consumable, usable and edible categories remained resilient overall, partially offsetting headwinds.
- Higher SG&A expenses — The company said adjusted SG&A expenses rose due to deleverage from lower comparable store sales and higher medical claims and legal settlement expenses.
Outlook for fiscal 2026
The company sees fiscal 2026 net sales up 2.5% to 3.5%.
Tractor Supply expects fiscal 2026 comparable store sales between down 1% and flat.
The company projects fiscal 2026 adjusted EPS of $1.90 to $2.00.
Key metrics and analyst coverage
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Sales | Slight Miss* | $4.54 bln | $4.58 bln (22 Analysts) |
| Q2 Adjusted EPS | Miss | $0.81 | $0.82 (26 Analysts) |
| Q2 EPS | $0.69 | ||
| Q2 Gross Margin | 37.10% | ||
| Q2 Comparable Store Sales Growth | -1.50% |
