Research Desk Line-up: HSN, Inc. Post Earnings Coverage
LONDON, UK / ACCESSWIRE / November 16, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Tractor Supply Co. (NASDAQ: TSCO), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=TSCO, following the Company's posting of its third quarter fiscal 2017 operating results on October 25, 2017. The retailer for farmers and ranchers outperformed top- and bottom-line expectations and updated its guidance for FY17. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Specialty Retail, Other industry. Pro-TD has currently selected HSN, Inc. (NASDAQ: HSNI) for due-diligence and potential coverage as the Company reported on November 08, 2017, its financial results for Q3 2017 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on HSN, Inc. when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on TSCO; also brushing on HSNI. With the links below you can directly download the report of your stock of interest free of charge at:
Tractor Supply's net sales for Q3 2017 increased 11.6% to $1.72 billion from $1.54 billion in Q3 2016. The Company's revenue numbers surpassed analysts' estimates of $1.68 billion.
During Q3 2017, Tractor Supply's comparable store sales increased 6.6% versus a decrease of 0.6% in Q3 2016. The growth in the reported quarter comparable store sales was driven by an increase in both traffic and ticket, with comparable store transaction count increasing 5.0% and average ticket increasing 1.5%. The Company noted that comparable store sales were positive across all geographic regions and major product categories.
For Q3 2017, Tractor Supply's gross profit jumped 12.2% to $600.5 million from $535.3 million in Q3 2016, and gross margin increased 20 basis points to 34.9% from 34.7% in the prior year's comparable quarter. The Company stated that gross margin was benefitted by favorable seasonal conditions, strong sell through rates, and solid inventory management.
Tractor Supply's selling, general, and administrative (SG&A) expenses, including depreciation and amortization, increased 15.0% to $452.2 million for Q3 2017 from $393.3 million in the prior year's same period. As a percent of net sales, SG&A expenses increased 80 basis points to 26.3% from 25.5% in Q3 2016.
For Q3 2017, Tractor Supply's net income grew 2.7% to $91.9 million from $89.4 million in Q3 2016, while its diluted earnings per share advanced 7.5% to $0.72 from $0.67 in the year earlier same quarter. The Company's earnings surpassed Wall Street's expectations of $0.68 per share.
During Q3 2017, the Company opened 36 new Tractor Supply stores and closed one store, a Del's store, compared to 34 new store openings and one store closure, a Del's store, in Q3 2016. The Company also opened two new Petsense stores during the reported quarter and had no Petsense store closures.
The Company opened 74 new Tractor Supply stores, converted its 2 Hometown Pet stores to Petsense stores, and closed 2 stores (both Del's stores) in the first nine months of 2017 compared to 92 new store openings and 5 Del's store closures during the first nine months of 2016. The Company also opened 19 new Petsense stores during the first nine months and had no Petsense store closures.
At the end of Q3 2017, Tractor Supply had a cash balance of $70 million and $510 million in outstanding debt compared to a cash balance of $56 million and $295 million in outstanding debt in the year ago same period.
During the reported quarter, the Company acquired 1.4 million shares for $78.5 million through its stock repurchase program. On a year-to-date basis, Tractor Supply has acquired a total of 5.2 million shares for $326.6 million.
For FY17, Tractor Supply is forecasting sales in the range of $7.17 billion to $7.22 billion, comparable store sales to increase between 1.7% and 2.2%, net income to range from $416 million to $421 million, and earnings per diluted share to be between $3.25 to $3.29. The Company is expecting to meet its new store target of 100 Tractor Supply stores and 25 Petsense stores.
On Wednesday, November 15, 2017, the stock closed the trading session at $62.84, rising 1.93% from its previous closing price of $61.65. A total volume of 2.06 million shares have exchanged hands. Tractor Supply's stock price surged 6.33% in the last one month, 14.42% in the past three months, and 8.40% in the previous six months. The stock is trading at a PE ratio of 18.65 and has a dividend yield of 1.72%. The stock currently has a market cap of $7.94 billion.
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