Executive Summary

• Tractor Supply reported 2Q19 EPS of $1.80, up 6.5% but marginally missing the $1.81 consensus estimate recorded by StreetAccount. Revenues were $2.35 billion, up 6.3% and in line with the consensus estimate.
• Comps were 3.2%, marginally beating the 3.1% consensus estimate, comprising a 2.2% increase in average ticket and a 1.0% increase in transaction count.
• The company raised its guidance for 2019 revenues of $8.40-8.46 billion, in line with the $8.45 billion consensus estimate, for comps of 3-4% and EPS of $4.65-4.75, in line with the consensus estimate of $4.75.