Tractor Supply Company stock research
FY2024 Q4
Tractor Supply (TSCO) Gross Margin — Quarter Ended Dec 28, 2024
Revenue for the quarter was higher than the preceding quarter, while gross profit in dollar terms was unchanged, resulting in a lower gross margin. Compared to the same quarter one year earlier, revenue was slightly higher and gross profit was similar, leading to a gross margin that was marginally lower but broadly stable.
Gross margin takeaway
Quarter ended Dec 28, 2024 · FY2024 Q4
Revenue for the quarter was higher than the preceding quarter, while gross profit in dollar terms was unchanged, resulting in a lower gross margin. Compared to the same quarter one year earlier, revenue was slightly higher and gross profit was similar, leading to a gross margin that was marginally lower but broadly stable.
- Gross profit measured in dollars remained constant across the current quarter, the prior quarter, and the year-ago quarter, so the variation in gross margin was driven by changes in revenue relative to cost of revenue.
- Sequentially, gross margin weakened as revenue increased but cost of revenue rose more. Year-over-year, gross margin was stable with only a slight difference.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
35.2%
Gross profit
$1.3B
Revenue
$3.8B
Cost of revenue
$2.4B
Quarter-over-quarter change
-2.0 pts
Year-over-year change
-0.1 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 30, 2024 | $3.4B | $1.2B | $2.2B | 36.0% |
| Jun 29, 2024 | $4.2B | $1.6B | $2.7B | 36.6% |
| Sep 28, 2024 | $3.5B | $1.3B | $2.2B | 37.2% |
| Dec 28, 2024 | $3.8B | $1.3B | $2.4B | 35.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 28, 2024
-2.0 pts
Year-over-year change
Dec 30, 2023
-0.1 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Gross profit measured in dollars remained constant across the current quarter, the prior quarter, and the year-ago quarter, so the variation in gross margin was driven by changes in revenue relative to cost of revenue.
Sequentially, gross margin weakened as revenue increased but cost of revenue rose more. Year-over-year, gross margin was stable with only a slight difference.
Monitor the trend in cost of revenue relative to revenue, noting the filing's reference to seasonal inventory builds that may affect this relationship.