TRACTOR SUPPLY CO DE
For the period ended Mar 29, 2025. Filed May 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 29, 2025 · Filed May 8, 2025
TSCO$36.35-0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-28; filed 2024-11-07.
0000916365-24-000110
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-29; filed 2025-05-08.
0000916365-25-000089
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 76 previous paragraphs and 63 current paragraphs.
35 unchanged; 21 reworded; 7 added; 16 removed; 4 previous and 0 current paragraphs rearranged.
Tables are not compared: 12 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
Fiscal Three Months (First Quarter) Ended March 29, 2025 and March 30, 2024
Current report
Net sales for the first quarter of fiscal 2025 increased 2.1% to $3.47 billion from $3.39 billion in the first quarter of fiscal 2024. The increase in net sales was driven by new store openings and the contribution from Allivet, partially offset by the comparable store sales decrease of 0.9%. In the first quarter of fiscal 2024, net sales increased 2.9% and comparable store sales increased 1.1%.
Current report
The comparable store sales results for the first quarter of fiscal 2025 included a comparable average transaction count increase of 2.1% and a comparable average ticket decrease of 2.9%. Comparable average transaction count growth reflects strength in year-round categories including consumable, usable and edible products and winter seasonal merchandise. Transaction growth was offset by a lower average ticket, driven primarily by a negative product mix from lower spring seasonal goods including related big ticket categories.
Current report
Operating income for the first quarter of fiscal 2025 decreased 5.3% to $249.1 million from $263.1 million in the first quarter of fiscal 2024.
Current report
The capital expenditures for new stores, relocated stores and stores not yet opened in the first three months of fiscal 2025 included 15 new Tractor Supply stores compared to 17 new Tractor Supply stores during the first three months of fiscal 2024. The Company also opened two new Petsense by Tractor Supply stores during the first three months of fiscal 2025 compared to four new stores during the first three months of fiscal 2024.
Current report
Capital expenditures for information technology represent continued support of our store growth and our Digital initiatives, as well as improvements in security and compliance and other strategic initiatives.
Current report
On December 30, 2024, the Company completed its acquisition of Allivet, an online pet pharmacy. Net cash used in investing activities includes the cash used for the acquisition of Allivet, net of cash acquired as part of the transaction.
Removed paragraphs (16)
Previous report
Note: Percent of net sales amounts may not sum to totals due to rounding.
Previous report
Fiscal Three Months (Third Quarter) Ended September 28, 2024 and September 30, 2023
Previous report
Net sales for the third quarter of fiscal 2024 increased 1.6% to $3.47 billion from $3.41 billion for the third quarter of fiscal 2023. The increase in net sales was driven by new store openings. Comparable store sales for the third quarter of fiscal 2024 decreased 0.2%, driven by a comparable average transaction count increase of 0.3%, offset by a comparable average ticket decrease of 0.5%. Comparable store sales results reflect continued strength in big ticket categories, partially offset by declines in year-round discretionary categories. As expected, consumable, usable and edible products were modestly negative with positive unit growth offset by average unit price pressure. In the third quarter of fiscal 2023, net sales increased 4.3% and comparable store sales decreased 0.4%.
Previous report
Gross profit increased 3.2% to $1.29 billion for the third quarter of fiscal 2024 from $1.25 billion for the third quarter of fiscal 2023. As a percent of net sales, gross margin in the third quarter of fiscal 2024 increased 56 basis points to 37.2% from 36.7% in the third quarter of fiscal 2023. The gross margin rate increase was primarily attributable to ongoing lower transportation costs along with disciplined product cost management and the continued execution of an everyday low price strategy. These improvements in gross margin rate were partially offset by growth in big ticket categories, which have below chain-average margins.
Previous report
Operating income for the third quarter of fiscal 2024 decreased 4.8% to $324.6 million from $340.9 million in the third quarter of fiscal 2023.
Previous report
The effective income tax rate was 22.3% in the third quarter of fiscal 2024 compared to 23.0% in the third quarter of fiscal 2023. The decrease in the effective income tax rate in the third quarter of fiscal 2024 compared to the third quarter of fiscal 2023 was driven primarily by a decrease in state income taxes and an increase in federal tax credits.
Previous report
Fiscal Nine Months Ended September 28, 2024 and September 30, 2023
Previous report
Net sales for the first nine months of fiscal 2024 increased 2.0% to $11.11 billion from $10.90 billion for the first nine months of fiscal 2023. The increase in net sales was driven by growth in new store sales which increased 2.0%. Comparable store sales for the first nine months of fiscal 2024 were flat. The comparable store sales results for the first nine months of fiscal 2024 included an increase in comparable average transaction count of 0.3%, partially offset by a decrease in comparable average transaction value of 0.2%. In the first nine months of fiscal 2023, net sales increased 6.8% and comparable store sales increased 1.5%.
Previous report
Selling, general and administrative (“SG&A”) expenses, including depreciation and amortization, increased 4.6% to $2.92 billion for the first nine months of fiscal 2024 from $2.79 billion for the first nine months of fiscal 2023. As a percent of net sales, SG&A expenses increased 65 basis points to 26.3% for the first nine months of fiscal 2024 from 25.6% for the first nine months of fiscal 2023. 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. A modest deleverage of fixed costs given the level of comparable sales growth and start-up costs associated with the opening of a new distribution center also contributed to the increase in SG&A as a percent of net sales. These factors were partially offset by a disciplined focus on productivity, cost control and modest benefits from the Company’s sale-leaseback strategy.
Previous report
Operating income for the first nine months of fiscal 2024 increased 0.4% to $1.15 billion compared to $1.14 billion in the first nine months of fiscal 2023.
Previous report
Net income for the first nine months of fiscal 2024 increased 0.6% to $864.8 million, or $8.00 per diluted share, as compared to net income of $859.3 million, or $7.81 per diluted share, for the first nine months of fiscal 2023.
Previous report
The increase in spending for new stores, relocated stores and stores not yet opened in the first nine months of fiscal 2024 as compared to the first nine months of fiscal 2023 is primarily attributable to increased capital outlay associated with our owned store development program. This program began in the third quarter of fiscal 2023.
Previous report
The increase in spending for information technology in the first nine months of fiscal 2024 as compared to the first nine months of fiscal 2023 is attributable to continued support for improvements in mobility in our stores, our digital initiatives, increased security and compliance, and other strategic initiatives.
Previous report
The increase in spending for corporate in the first nine months of fiscal 2024 as compared to the first nine months of fiscal 2023 is primarily attributable to an increase in spending on information technology projects at the Store Support Center related to supporting store efficiency initiatives.
Previous report
In the first nine months of fiscal 2024, the Company opened 54 new Tractor Supply stores compared to 51 new Tractor Supply stores during the first nine months of fiscal 2023.
Previous report
On November 6, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $1.10 per share of the Company’s outstanding common stock. The dividend will be paid on December 10, 2024 to stockholders of record as of the close of business on November 25, 2024.
Reworded paragraphs (21)
Previous wording
The following discussion and analysis should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended December 30, 2023 (the “2023 Form 10-K”) and subsequent Quarterly Reports on Form 10-Q. This Quarterly Report on Form 10-Q contains forward-looking statements and information. The forward-looking statements included herein are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). All statements, other than statements of historical facts, which address activities, events, or developments that we expect or anticipate will or may occur in the future, including sales and earnings growth, new store growth, estimated results of operations in future periods (including, but not limited to, sales, comparable store sales, operating margins, net income, and earnings per diluted share), the declaration and payment of dividends, the timing and amount of share repurchases, future capital expenditures (including their timing, amount and nature), sale-leasebacks, acquisitions, business strategy, strategic initiatives, expansion and growth of our business operations, and other such matters are forward-looking statements. Forward-looking statements are usually identified by or are associated with such words as “will,” “plan,” “intend,” “expect,” “believe,” “anticipate,” “optimistic,” “forecasted” and similar terminology. These forward-looking statements may be affected by certain risks and uncertainties, any one, or a combination of which, could materially affect the results of our operations. To take advantage of the safe harbor provided by the PSLRA, we have identified certain factors, in Part I, Item 1A. “Risk Factors” in our 2023 Form 10-K and in Part II, Item 1A of this Form 10-Q, which may cause actual results to differ materially from those expressed in any forward-looking statements. These “Risk Factors” may be updated from time to time in our quarterly reports on Form 10-Q or other subsequent filings with the SEC.
Current wording
The following discussion and analysis should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended December 28, 2024 (the “2024 Form 10-K”) and subsequent Quarterly Reports on Form 10-Q. This Quarterly Report on Form 10-Q contains forward-looking statements and information. The forward-looking statements included herein are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). All statements, other than statements of historical facts, which address activities, events, or developments that we expect or anticipate will or may occur in the future, including sales and earnings growth, new store growth, estimated results of operations in future periods (including, but not limited to, sales, comparable store sales, operating margins, net income, and earnings per diluted share), the declaration and payment of dividends, the timing and amount of share repurchases, future capital expenditures (including their timing, amount and nature), sale-leasebacks, acquisitions, business strategy, strategic initiatives, expansion and growth of our business operations, and other such matters are forward-looking statements. Forward-looking statements are usually identified by or are associated with such words as “will,” “plans,” “intend,” “expect,” “believe,” “anticipate,” “optimistic,” “forecasted” and similar terminology. These forward-looking statements may be affected by certain risks and uncertainties, any one, or a combination of which, could materially affect the results of our operations. To take advantage of the safe harbor provided by the PSLRA, we have identified certain factors, in Part I, Item 1A. “Risk Factors” in our 2024 Form 10-K, including the impact of the recent tariff announcements and the corresponding macroeconomic pressures, which may cause actual results to differ materially from those expressed in any forward-looking statements. These “Risk Factors” may be updated from time to time in our quarterly reports on Form 10-Q or other subsequent filings with the SEC.
Previous wording
Comparable store metrics are a key performance indicator used in the retail industry and by the Company to measure the performance of the underlying business. Our comparable store metrics are calculated on an annual basis using sales generated from all stores open at least one year and all online sales and exclude certain adjustments to net sales. Stores closed during either of the years being compared are removed from our comparable store metrics calculations. Stores relocated during either of the years being compared are not removed from our comparable store metrics calculations. If the effect of relocated stores on our comparable store metrics calculations became material, we would remove relocated stores from the calculations. An Orscheln store is considered a comparable store one year after its point-of-sale system conversion. Fiscal 2024 and fiscal 2023 each include 52 weeks. Comparable store sales is intended only as supplemental information and is not a substitute for net sales presented in accordance with U.S. GAAP.
Current wording
Comparable store metrics are a key performance indicator used in the retail industry and by the Company to measure the performance of the underlying business. Our comparable store metrics are calculated on an annual basis using sales generated from all stores open at least one year and all online sales and exclude certain adjustments to net sales. Stores closed during either of the years being compared are removed from our comparable store metrics calculations. Stores relocated during either of the years being compared are not removed from our comparable store metrics calculations. If the effect of relocated stores on our comparable store metrics calculations became material, we would remove relocated stores from the calculations. Allivet sales will be considered comparable store sales one year after the transaction close date of December 30, 2024. Comparable store sales are intended only as supplemental information and are not a substitute for net sales presented in accordance with U.S. GAAP.
Previous wording
Sales from new stores were $70.1 million for the third quarter of fiscal 2024, which represented 2.0 percentage points of the 1.6% net sales increase over third quarter fiscal 2023 net sales. For the third quarter of fiscal 2023, sales from stores open less than one year were $157.5 million, which represented 4.8 percentage points of the 4.3% increase over third quarter fiscal 2022 net sales.
Current wording
Sales from new stores, including Allivet sales, were $97.9 million for the first quarter of fiscal 2025, which represented 2.9 percentage points of the 2.1% net sales increase over first quarter fiscal 2024 net sales. For the first quarter of fiscal 2024, sales from stores open less than one year were $65.3 million, which represented 2.0 percentage points of the 2.9% increase over first quarter fiscal 2023 net sales.
Previous wording
Gross profit increased 3.3% to $4.07 billion for the first nine months of fiscal 2024 from $3.94 billion for the first nine months of fiscal 2023. As a percent of net sales, gross margin in the first nine months of fiscal 2024 increased 49 basis points to 36.6% from 36.1% in the first nine months of fiscal 2023. The gross margin rate increase was primarily attributable to lower transportation costs and disciplined product cost management. Additionally, gross margin continued to benefit from the Company’s ongoing execution of an everyday low price strategy.
Current wording
Gross profit increased 2.8% to $1.26 billion for the first quarter of fiscal 2025 from $1.22 billion for the first quarter of fiscal 2024. As a percent of net sales, gross margin in the first quarter of fiscal 2025 increased 25 basis points to 36.2% from 36.0% in the first quarter of fiscal 2024. The gross margin rate increase was primarily attributable to disciplined product cost management and the continued execution of an everyday low price strategy.
Previous wording
Selling, general and administrative (“SG&A”) expenses, including depreciation and amortization, increased 6.2% to $965.8 million for the third quarter of fiscal 2024 from $909.6 million for the third quarter of fiscal 2023. As a percent of net sales, SG&A expenses increased 119 basis points to 27.8% from 26.7% in the third quarter of fiscal 2023. The increase in SG&A as a percent of net sales was primarily attributable to planned growth investments, which included the onboarding of a new distribution center, lapping a one-time depreciation expense benefit in the prior year of $11.3 million or approximately 35 basis points, as well as modest deleverage of the Company’s fixed costs given the slight decline in comparable store sales. These factors were partially offset by a disciplined focus on productivity, cost control and modest benefits from the Company’s sale-leaseback strategy.
Current wording
Selling, general and administrative (“SG&A”) expenses, including depreciation and amortization, increased 5.1% to $1.01 billion for the first quarter of fiscal 2025 from $957.7 million for the first quarter of fiscal 2024. As a percent of net sales, SG&A expenses increased 81 basis points to 29.0% from 28.2% in the first quarter of fiscal 2024. The increase in SG&A as a percent of net sales was primarily attributable to planned growth investments, which included higher depreciation and amortization and the operations of the Company’s tenth distribution center, and deleverage of fixed costs given the comparable store sales decline. These factors were partially offset by ongoing focus on productivity and cost control, as well as a modest benefit from the Company’s ongoing sale-leaseback strategy.
Previous wording
The effective income tax rate was 22.2% in the first nine months of fiscal 2024 compared to 22.6% in the first nine months of fiscal 2023. The decrease in the effective income tax rate in the first nine months of fiscal 2024 compared to the first nine months of fiscal 2023 was driven primarily by a decrease in state income taxes.
Current wording
The effective income tax rate was 21.8% in the first quarter of fiscal 2025 compared to 21.1% in the first quarter of fiscal 2024. The increase in the effective income tax rate in the first quarter of fiscal 2025 compared to the first quarter of fiscal 2024 was driven primarily by a decrease in stock compensation activity.
Previous wording
Net income for the third quarter of fiscal 2024 decreased 5.3% to $241.5 million, or $2.24 per diluted share, as compared to net income of $255.0 million, or $2.33 per diluted share, for the third quarter of fiscal 2023.
Current wording
Net income for the first quarter of fiscal 2025 decreased 9.5% to $179.4 million, or $0.34 per diluted share, as compared to net income of $198.2 million, or $0.37 per diluted share, for the first quarter of fiscal 2024.
Previous wording
During the third quarter of fiscal 2024, we repurchased approximately 0.6 million shares of the Company’s common stock at a total cost of $149.8 million, excluding the 1% excise tax, as part of our share repurchase program and paid quarterly cash dividends totaling $117.8 million, returning $267.6 million to our stockholders.
Current wording
During the first quarter of fiscal 2025, we repurchased approximately 1.7 million shares of the Company’s common stock at a total cost of $94.0 million, excluding the 1% excise tax, as part of our share repurchase program and paid quarterly cash dividends totaling $122.4 million, returning $216.4 million of capital to our stockholders.
Previous wording
We believe that our existing cash balances, expected cash flow from future operations, funds available under our debt facilities, operating and finance leases, normal trade credit, and access to the long-term debt capital markets will be sufficient to fund our operations and our capital expenditure needs, including new store openings, existing store remodeling and improvements, store relocations, distribution facility capacity and improvements, and information technology improvements, for the next 12 months and the longer term foreseeable future.
Current wording
We believe that our existing cash balances, expected cash flow from future operations, funds available under our debt facilities, operating and finance leases, normal trade credit, and access to the long-term debt capital markets will be sufficient to fund our operations and our capital expenditure needs, including new store openings, existing store remodeling and improvements, store relocations, distribution facility capacity and improvements, and information technology improvements, for the next 12 months and the foreseeable future.
Previous wording
Operating activities provided net cash of $903.6 million and $937.9 million in the first nine months of fiscal 2024 and fiscal 2023, respectively. The $34.3 million decrease in net cash provided by operating activities in the first nine months of fiscal 2024 compared to the first nine months of fiscal 2023 is due to changes in the following operating activities (in millions):
Current wording
Operating activities provided net cash of $216.8 million and $257.4 million in the first three months of fiscal 2025 and fiscal 2024, respectively. The $40.6 million decrease in net cash provided by operating activities in the first three months of fiscal 2025 compared to the first three months of fiscal 2024 is due to changes in the following operating activities (in millions):
Previous wording
The $34.3 million decrease in net cash provided by operating activities in the first nine months of fiscal 2024 compared to the first nine months of fiscal 2023 was primarily driven by the increase in inventories and accounts payable due to overall Company growth, investments in both consumable, usable and edible products and big ticket inventory categories, and timing of accounts payable. This decrease was partially offset by changes in accrued expenses from timing of payments.
Current wording
The $40.6 million decrease in net cash provided by operating activities in the first three months of fiscal 2025 compared to the first three months of fiscal 2024 was primarily driven by the change in accrued expenses, resulting from the timing of accruals and related payments, as well as the decrease in net income year over year.
Previous wording
Investing activities used net cash of $460.1 million and $454.6 million in the first nine months of fiscal 2024 and fiscal 2023, respectively. The $5.5 million increase in net cash used in investing activities in the first nine months of fiscal 2024 compared to the first nine months of fiscal 2023 is due to changes in the following investing activities (in millions):
Current wording
Investing activities used net cash of $261.1 million and $152.3 million in the first three months of fiscal 2025 and fiscal 2024, respectively. The $108.7 million increase in net cash used in investing activities in the first three months of fiscal 2025 compared to the first three months of fiscal 2024 is due to changes in the following investing activities (in millions):
Previous wording
The decrease in spending for existing stores in the first nine months of fiscal 2024 as compared to the first nine months of fiscal 2023 primarily reflects the ongoing completion of Orscheln store remodels throughout fiscal 2023. Adjusting for the completion of Orscheln store remodels, existing store capital spend reflects a continued commitment to strategic initiatives related to existing store remodels. This includes internal space productivity and side lot garden center transformations.
Current wording
The decrease in capital expenditures for existing stores in the first three months of fiscal 2025 as compared to the first three months of fiscal 2024 primarily reflects the timing of spend related to internal space productivity and side lot garden center transformations.
Previous wording
The decrease in spending for distribution center capacity and improvements in the first nine months of fiscal 2024 as compared to the first nine months of fiscal 2023 primarily reflects a reduction in distribution center construction projects. The first nine months of fiscal 2023 reflect construction costs associated with both the Navarre, Ohio distribution center, which opened during the first quarter of fiscal 2023, and the Maumelle, Arkansas distribution center, which opened during the second quarter of fiscal 2024. The first nine months of fiscal 2024 solely reflect construction costs associated with the Maumelle, Arkansas distribution center.
Current wording
The decrease in capital expenditures for distribution center capacity and improvements in the first three months of fiscal 2025 as compared to the first three months of fiscal 2024 primarily reflects a reduction in distribution center construction projects. The first quarter of fiscal 2024 reflects costs related to the Maumelle, Arkansas distribution center, which began operations in the second quarter of fiscal 2024. The first quarter of fiscal 2025 reflects costs related to existing distribution center improvements.
Previous wording
Our projected capital expenditures for fiscal 2024 are currently estimated to be in the range of $625.0 million to $700.0 million, net of proceeds from the sale of existing Company-owned stores as part of our sale-leaseback strategy. The capital expenditures include plans to open a total of approximately 80 new Tractor Supply stores, continue Project Fusion remodels and garden center transformations, and open a total of 10 to 15 new Petsense by Tractor Supply stores.
Current wording
Our projected capital expenditures, net of sale leaseback proceeds, for fiscal 2025 are currently estimated to be in the range of approximately $650.0 million to $725.0 million. The capital expenditures include a plan to open approximately 90 Tractor Supply stores, continue Project Fusion remodels and side lot garden center transformations, begin construction on our Nampa, Idaho distribution center, and open approximately 10 new Petsense by Tractor Supply stores.
Previous wording
Financing activities used net cash of $654.3 million and $264.1 million in the first nine months of fiscal 2024 and fiscal 2023, respectively. The $390.2 million increase in net cash used in financing activities in the first nine months of fiscal 2024 compared to the first nine months of fiscal 2023 is due to changes in the following (in millions):
Current wording
Financing activities provided net cash of $24.5 million in the first three months of fiscal 2025 compared to using net cash of $238.1 million in the first three months of fiscal 2024. The $262.6 million change in net cash provided by financing activities in the first three months of fiscal 2025 compared to the first three months of fiscal 2024 is due to changes in the following (in millions):
Previous wording
The $390.2 million increase in net cash used in financing activities in the first nine months of fiscal 2024 compared to the first nine months of fiscal 2023 is primarily due to the reduced borrowing activity in the current period, partially offset by a decrease in the repurchase of common stock as compared to prior period.
Current wording
The $262.6 million change in net cash provided by financing activities in the first three months of fiscal 2025 compared to the first three months of fiscal 2024 is primarily due to incremental borrowing under the Company’s Revolving Credit Facility in the current period.
Previous wording
During the first nine months of fiscal 2024 and fiscal 2023, the Company's Board of Directors declared the following cash dividends:
Current wording
During the first three months of fiscal 2025 and fiscal 2024, the Company's Board of Directors declared the following cash dividends:
Previous wording
The Company’s Board of Directors has authorized common stock repurchases under a share repurchase program which was announced in February 2007. The total authorized amount of the program, which has been increased from time to time, is currently $6.50 billion, exclusive of any fees, commissions, or other expenses related to such repurchases. The share repurchase program does not have an expiration date. The repurchases may be made from time to time on the open market or in privately negotiated transactions. The timing and amount of any shares repurchased under the program will depend on a variety of factors, including price, corporate and regulatory requirements, capital availability, and other market conditions. Repurchased shares are accounted for at cost and will be held in treasury for future issuance. The program may be limited, temporarily paused, or terminated at any time without prior notice. As of September 28, 2024, the Company had remaining authorization under the share repurchase program of $641.7 million, exclusive of any fees, commissions, or other expenses.
Current wording
The Company’s Board of Directors has authorized common stock repurchases under a share repurchase program which was announced in February 2007. The aggregate total authorized amount of the program, which was increased by $1.00 billion on February 12, 2025, is currently $7.50 billion, exclusive of any fees, commissions, or other expenses related to such repurchases. The share repurchase program does not have an expiration date. The repurchases may be made from time to time on the open market or in privately negotiated transactions. The timing and amount of any shares repurchased under the program will depend on a variety of factors, including price, corporate and regulatory requirements, capital availability, and other market conditions. Repurchased shares are accounted for at cost and will be held in treasury for future issuance. The program may be limited, temporarily paused, or terminated at any time without prior notice. As of March 29, 2025, the Company had remaining authorization under the share repurchase program of $1.39 billion, exclusive of any fees, commissions, or other expenses.
Previous wording
The following table provides the number of shares repurchased, average price paid per share, and total cost of share repurchases pursuant to our publicly announced repurchase plan during the fiscal three and nine months ended September 28, 2024 and September 30, 2023, respectively (in thousands, except per share amounts):
Current wording
The following table provides the number of shares repurchased, average price paid per share, and total cost of share repurchases pursuant to our publicly announced repurchase plan during the fiscal three months ended March 29, 2025 and March 30, 2024, respectively (in thousands, except per share amounts):
Previous wording
For a description of the Company’s significant contractual obligations and commercial commitments, refer to Note 12 to the Consolidated Financial Statements included under Part II, Item 8 in our 2023 Form 10-K. As of September 28, 2024, there has been no other material change in the information disclosed in the 2023 Form 10-K.
Current wording
For a description of the Company’s significant contractual obligations and commercial commitments, refer to Note 11 to the Consolidated Financial Statements included under Part II, Item 8 in our 2024 Form 10-K for the fiscal year ended December 28, 2024. As of March 29, 2025, there has been no other material change in the information disclosed in the 2024 Form 10-K for the fiscal year ended December 28, 2024.
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
Sales from new stores were $219.1 million for the first nine months of fiscal 2024, which represented 2.0 percentage points of the 2.0% net sales increase over the first nine months of fiscal 2023 net sales. For the first nine months of fiscal 2023, sales from stores open less than one year were $498.2 million, which represented 4.9 percentage points of the 6.8% increase over the first nine months of fiscal 2022 net sales.
Previous report — wording carried elsewhere
The following table summarizes store growth for the fiscal nine months ended September 28, 2024 and September 30, 2023:
Previous report — wording carried elsewhere
The following table indicates the percentage of net sales represented by each of our major product categories for the fiscal nine months ended September 28, 2024 and September 30, 2023:
Previous report — wording carried elsewhere
During the first nine months of fiscal 2024, we repurchased approximately 1.6 million shares of the Company’s common stock at a total cost of $406.4 million, excluding the 1% excise tax, as part of our share repurchase program and paid quarterly cash dividends totaling $355.2 million, returning $761.6 million to our stockholders.