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Tractor Supply (TSCO) Greg Sandfort on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Conference Call

April 20, 2016 5:00 PM ET

Executives

Christine Skold - Vice President-Investor Relations & Strategy

Greg Sandfort - President, Chief Executive Officer & Director

Tony Crudele - Chief Financial Officer, Treasurer & Executive VP

Steve Barbarick - Executive Vice President & Chief Merchandising Officer

Analysts

Seth Sigman - Credit Suisse

Peter Benedict - Robert W. Baird & Co., Inc

Joshua Siber - Morgan Stanley & Co. LLC

Jessica Mace - Nomura Securities International, Inc.

Ben Bienvenu - Stephens Inc

Christopher Horvers - JPMorgan Securities LLC

Adam Sindler - Deutsche Bank Securities, Inc.

Michael Lasser - UBS Securities LLC

Peter Keith - Piper Jaffray & Co

Seth Basham - Wedbush Securities, Inc.

Stephen Tanal - Goldman Sachs & Co.

Dan Wewer - Raymond James & Associates, Inc.

Chuck Cerankosky - Northcoast Research Partners LLC

Scot Ciccarelli - RBC Capital Markets LLC

Joe Feldman - Telsey Advisory Group LLC

Operator

Good afternoon, ladies and gentlemen. And welcome to the Tractor Supply Company's Conference Call to discuss First Quarter 2016 Results. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. We ask that all participants limit themselves to one question with one follow-up.

Please be advised that reproduction of this call in whole or in part is not permitted without written authorization of Tractor Supply Company. And as a reminder, this call is being recorded.

I would now like to introduce your host for today's call, Ms. Christine Skold of Tractor Supply Company. Christine, please go ahead.

Christine Skold

Thank you, operator. Good afternoon and thank you for joining us for Tractor Supply Company's quarterly earnings conference call.

Before we begin, let me reference the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. This call may contain forward-looking statements that are subject to significant risks and uncertainties, including the future operating and financial performance of the company. Although the company believes the expectations reflected in its 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.

Important risk factors that could cause actual results to differ materially from those reflected in the forward-looking statements are included 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. Lastly, Tractor Supply Company undertakes no obligation to update any information discussed in this call.

I'm now pleased to introduce Greg Sandfort, Tractor Supply Company's President and Chief Executive Officer. Greg, please go ahead.

Greg Sandfort

Good afternoon, everyone. And thank you for joining us. On call with me today are Tony Crudele, our EVP and Chief Financial Officer; and Steve Barbarick, our EVP and Chief Merchandising, Marketing and Supply Chain officer.

We are pleased with our result and execution of our business in the first quarter. Comparable store sales increased 4.9% and were driven by increases in both traffic and ticket. This was our 32nd consecutive quarter of positive comparable transaction count. Our sales were balanced across product categories and regions with all of our major product categories and geographic regions generating positive comparable store sales. Once again the Tractor Supply team did an excellent job managing the business this quarter and we believe our results demonstrate the resiliency of our business model.