David Rolfe Comments on Tractor Supply
- By Holly LaFon
Tractor Supply ( NASDAQ:TSCO ) continues to execute well, reporting 10% growth in sales, with same store sales growth of 5.6% driven by both higher traffic and higher customer spending, and 35% earnings per share growth. The Company will be concluding an aggressive two-year investment ramp into technology capabilities, distribution, and stores, later this year.
We expect to reap sustainable comparable sales growth and margin expansion from those omnichannel investments over the next several years, supplemented by a steady cadence of mid-single digit square footage growth to take advantage of a growing total addressable market. As shares have appreciated meaningfully over the past 12 months, we trimmed positions but maintain a healthy overweight in Tractor Supply.
Warning! GuruFocus has detected 2 Warning Sign with EW. Click here to check it out.
The intrinsic value of TSCO
From David Rolfe (Trades, Portfolio)'s Wedgewood Partners 3rd quarter 2018 shareholder commentary.
This article first appeared on GuruFocus.
Warning! GuruFocus has detected 2 Warning Sign with EW. Click here to check it out.
The intrinsic value of TSCO
