Tractor Supply Company (NASDAQ:TSCO) Q1 2024 Earnings Call Transcript

Those two trends are playing out as we expected at the beginning of the year. As that comment, we’re 100 basis points away from goods to services being at its pre-COVID levels. We’ve already traveled almost 400 basis points on that journey. So, unclear where it will obviously stop, but you would say were the vast majority of the way along on that journey, disinflation, we’ve called out that Q2 will be our bottom on that. And so we feel really good about that as well and that that’s near behind us. And so the two major conditions that are affecting our business, you can see light at the end of the tunnel. As it relates to housing more broadly, as we called out — last quarter, we really don’t see housing as a primary driver of our business. And I know there’s been some conversation around higher for longer on rates, and the impact that might have on the housing market and then any delay in how 2025 results may occur.

And obviously, talking about 2025 results right now is very premature for us. But we don’t see the higher for longer kind of notion impacting our business anywhere near to the degree that it impacts those that are very housing sensitive. Thanks Peter for the question.

Peter Keith: Thank you.

Mary Winn Pilkington: All right, everyone, that will wrap up our call today. I’m around and we’re available for calls. And if you need anything, please don’t hesitate to reach out, and we look forward to talking to you at the end of our second quarter. So, thank you.

Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect your lines.