Tractor Supply Company (NASDAQ:TSCO) Q1 2018 Earnings Conference Call - Preliminary Transcript

Apr 26, 2018 • 10:00 am ET

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Tractor Supply Company (NASDAQ:TSCO) Q1 2018 Earnings Conference Call - Preliminary Transcript

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Presentation
Operator
Operator

Good afternoon, ladies and gentlemen, and welcome to Tractor Supply Company's Conference Call to discuss the First Quarter 2018 Results. (Operator Instructions) Please be advised that reproduction of this call in whole or in part is not permitted without written authorization of the Tractor Supply Company. And as a reminder, this call is being recorded.

I would now like to introduce your host for today's call, Mrs. Mary Winn Pilkington, Vice President of Investor Relations and Public Relations for Tractor Supply Company. Mary Winn, please go ahead.

Executive
Mary Winn Pilkington

Thank you, operator, and good morning, everyone. On the call today are Greg Sandfort, our CEO, Steve Barbarick, our President and Chief Merchandising Officer, and Kurt Barton, our CFO.

Before we begin, let me reference the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. This call may contain certain forward-looking statements that are subject to significant risk and uncertainties, including the future operating and financial performance of the company. In many cases, these risk and uncertainties are beyond our control. Although the company believes the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct, and actual results may differ materially from expectations. Important risk factors that could cause actual results to differ materially from those reflected in the forward-looking statements are included at the end of the press release issued today and in the company's filings with the Securities and Exchange Commission. The information contained in this call is accurate only as of the date discussed. Investors should not assume that statements will remain operative at a later time. Tractor Supply undertakes no obligation to update any information discussed in this call.

After our prepared remarks, we will open the call up for your questions. Please limit your questions to one and one related follow-up question, if necessary. Our goal is to keep the call to an hour. I appreciate your cooperation. I'll be available after the call for follow-up as well. Now it's my pleasure to turn the call over to Greg.

Executive
Gregory A. Sandfort

Thank you, Mary Winn, and good morning to everyone joining us on the call today. I'll start today's call by providing a review of the operational and financial highlights for the first quarter of 2018 and a few comments regarding our ONETractor strategy initiative. Steve will take you through several of the merchandising and marketing highlights, and Kurt will provide additional detail regarding our financial results and our financial outlook for the year. And then following that, we will open the call for questions.

As I've stated already, we are very pleased with how the team managed through the first quarter, and we successfully controlled those elements that were in our control. Our results were driven by a broad-based strength across all geographic regions as well as increases in both comparable store transactions and average ticket. And all four merchandising divisions achieved positive comp sales in the quarter. Our