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$TSCO lowered its FY16 EPS guidance to range of $3.35-3.40 from prior forecast of $3.40-3.48 and its net sales outlook to range of $6.8-6.9Bil from prior estimate of $6.9-7.0Bil. $TSCO reduced FY16 net income forecast to $451-456MM from prior range of $455-467MM, and comparable store sales estimate to 2.5-3.5% from prior range of 3.5-5%.
$TSCO updated its FY17 guidance with net sales expected in the range of $7.17-7.22Bil from the $7.13-7.19Bil provided earlier. Net income and diluted EPS is expected in the range of $416-421MM or $3.25-3.29 per share from the earlier guidance of $413-419MM or $3.22-3.27. CapEx is now expected to be $230-250MM, with comp store sales of 1.7-2.2%.
For 3Q17, $TSCO opened 36 new Tractor Supply stores and closed one store compared to 34 new store openings and one store closure in the prior year period. The Company also opened two new Petsense stores during the quarter and had no Petsense store closures.
Farm supply retailer $TSCO posted a 3% increase in its earnings for 3Q17, driven by sales increase. Net income rose to $91.8MM or $0.72 per share from $89.4MM or $0.67 per share a year ago. Revenue jumped 12% to $1.72Bil, helped by comp store sales increase. Comp store sales were positive across all geographic regions and major product categories.
$TSCO's BoD lifted quarterly cash dividend by 12.5% from $0.24 to $0.27 per share of its common stock. The dividend is payable on June 6, 2017 to stockholders of record on May 22, 2017. This is due to the company's intention to return cash to shareholders while continuing to invest in growth.
$TSCO opened 24 new Tractor Supply stores and converted its two Hometown Pet stores to Petsense stores in 1Q17 compared to 36 new store openings and three store closures, all of which were Del's stores, in the prior year period. The company also opened nine new Petsense stores during the quarter and had no store closures.
Farm and ranch retailer $TSCO reported a 10.9% drop in 1Q17 profit despite a 6.6% increase in sales. Net income decreased to $60.3MM or $0.46 per share from $67.7MM or $0.50 per share a year ago, hurt by the challenging weather conditions. Sales increased to $1.56Bil from $1.47Bil in the prior year. Comparable store sales declined 2%.
In 4Q16, $TSCO's comparable store sales increased 3.1% vs. a decrease of 1.4% a year ago. The increase was driven by one additional comparable sales day in the quarter. Comparable store transaction count increased 4% and average ticket decreased 0.9%.
Farm supply retailer $TSCO reported a 10.6% YoY jump in its 4Q16 earnings to $123.6MM, or $0.94 per diluted share. The result included an extra sales week as part of the Company's 53-week calendar in 2016, which represented a benefit of approx. $0.055 per diluted share. Sales for the quarter rose 16.4% YoY to $1.92Bil.