Comparable store sales for the first quarter of fiscal 2024 increased 1.1%. This increase includes a 1.3% increase in transaction count and a 0.2% decrease in average transaction value.

In the first three months of fiscal 2024, the Company opened 17 new Tractor Supply stores and four new Petsense by Tractor Supply stores.

The company is projecting capital expenditures to be between $625 and $700 million in 2024. This includes opening approximately 80 new Tractor Supply stores and 10 to 15 new Petsense stores, as well as continuing Project Fusion remodels and garden center transformations.

Gross margin continued to benefit from the Company's ongoing execution of an everyday low price strategy, contributing to the overall increase in gross margin rate.

The increase in SG&A as a percent of net sales was primarily attributable to the Company's planned growth investments, which included higher depreciation and amortization.

The company plans to continue to leverage its sale-leaseback program on both existing owned stores as well as future new store openings to help fund its planned owned store development.

There have been no material changes to our risk factors as previously disclosed in our 2023 Form 10-K. Other risks that we do not presently know about or that we presently believe are not material could also adversely affect us.

Comparable store sales performance reflects continued market share gains, positive transaction trends and greater demand for seasonal-related product categories, including big-ticket categories.

Increases in distribution center productivity partially offset the increase in SG&A expenses as a percentage of net sales.

The increase in spending for new stores, relocated stores and stores not yet opened in the first three months of fiscal 2024 as compared to the first three months of fiscal 2023 is primarily attributable to increased capital outlay associated with our owned store development program.

The $237.8 million increase in net cash provided by operating activities in the first three months of fiscal 2024 compared to the first three months of fiscal 2023 is primarily driven by our management of inventory and accounts payable and, to a lesser extent, timing of payroll periods, which impacts accrued expenses.

Expenditures for information technology represent continued support for improvements in mobility in our stores, our digital initiatives, increased security and compliance, and other strategic initiatives.

During the first quarter of fiscal 2024, we repurchased approximately 0.5 million shares of the Company's common stock at a total cost of $117.4 million, excluding the 1% excise tax, as part of our share repurchase program.

The company paid quarterly cash dividends totaling $118.8 million, returning $236.2 million to our stockholders.

As of March 30, 2024, the Company had remaining authorization under the share repurchase program of $0.93 billion, exclusive of any fees, commissions, or other expenses.

The filing does not contain any specific discussion of ESG initiatives.

Comparable store sales performance reflects continued market share gains, positive transaction trends and greater demand for seasonal-related product categories, including big-ticket categories.

Historically, weather conditions, including unseasonably warm weather in the fall and winter months and unseasonably cool weather in the spring and summer months, have unfavorably affected the timing and volume of our sales and results of operations.