-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：Tractor Supply Company (TSCO) 2026年第一季度业绩令人失望，每股收益为0.31美元，低于市场普遍预期的0.34美元；营收为35.9亿美元（同比增长3.6%），低于此前预期的36.4亿美元。尽管客流量下降1.0%，平均客单价上涨1.6%，但同店销售额仍从去年同期的-0.9%改善至+0.5%，这表明消费者参与度方面仍面临挑战。TSCO加快了新店开业步伐，计划开设40家门店，并在核心农场和牧场业务方面保持强劲势头，市场份额持续增长，这些都为其长期增长战略提供了支撑。管理层重申了2026年同店销售额增长1%-3%和每股收益2.13-2.23美元的预期，表明尽管第一季度面临不利因素，但管理层仍对未来充满信心。通过严格的成本控制，毛利率稳定在36.2%，但由于销售增长温和，销售、管理及行政费用（SG&A）下降70个基点至29.7%，对营业利润造成压力，导致营业利润下降6.3%。我们认为，通过股票回购和分红返还给股东的2.444亿美元增强了管理层对公司长期价值创造潜力的信心。资本支出为9370万美元，高于去年同期的5950万美元。
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