Tractor Supply Company

Good morning, ladies and gentlemen, and welcome to Tractor Supply Company's conference call to discuss first quarter 2025 results. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session, and instructions will follow at that time. We ask that all participants limit themselves to one question and return to the queue for additional questions. Please note that the queue for our question and answer session did not open until the start of this call. Please be advised that reproduction of this call in whole or in part is not permitted without written authorization of Tractor Supply Company. And as a reminder, this call is being recorded. I would now like to introduce your host for today's call, Mary Wynn Pilkington, Senior Vice President of Investor and Public Relations for Tractor Supply Company. Mary Wynn, please go ahead.

Thank you, Alyssa. Good morning, everyone. We appreciate your time and participation in today's call. On the call today are Hal Lawton, our CEO, and Kurt Barton, our CFO. Following our prepared remarks, we'll open the floor for questions. Please note that a supplemental slide presentation has been made available on our website to accompany today's earnings release. Now let me reference the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. This call may contain certain forward-looking statements that are subject to significant risk and uncertainties, including the future operating and financial performance of the company. In many cases, these risks and uncertainties are beyond our control. Although the company believes the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct, and actual results may differ materially from expectations. Important risk factors that could cause actual results to differ materially from those reflected in the forward-looking statements are included at the end of the press release issued today and in the company's filings with the Securities and Exchange Commission. The information contained in this call is accurate only as of the date discussed. Investors should not assume that statements will remain operative at a later time. Tractor Supply undertakes no obligation to update any information discussed in this call. As we move into the Q&A session, please limit yourself to one question to ensure everyone has the opportunity to participate. If you have additional questions, please feel free to rejoin the queue. We appreciate your understanding and cooperation. We will also be available after the call for further discussions. Thank you for your time and attention this morning. It's my pleasure to turn the call over to Hal.

Thank you, Mary Wynn, and good morning, everyone, and thank you for joining us today. As always, I'd like to begin by thanking the Tractor Supply team for all they do and for their dedication to our purpose of serving life out here. Despite a softer than expected start to the year, given the delayed spring selling season, we're proud to report another quarter of strong execution by the tractor supply team. In the face of volatile weather and a shifting operating landscape, our team remained focused on what we could control, investing with purpose, managing costs with discipline, and most importantly, serving our customers. On the customer front, the underlying health of our business remains strong and healthy. And I'll highlight four key indicators. One, we had robust transaction growth. Two, we also had strong unit growth in our consumable, usable, and edible categories. Three, we had positive new customer counts. And four, we had record retention of existing customers. These customer indicators reinforce our belief that our customer base remains both healthy and engaged and that we continue to gain market share. Now I want to take a moment to address the updated guidance we issued today. Since we shared our initial outlook for 2025, the macro environment has clearly become more uncertain. Drawing on some of the scenario planning we used during the early days of COVID, today, in addition to an updated fiscal year outlook, we're providing second quarter guidance. The updated fiscal year outlook is reflective of three primary considerations. One, it flows through the seasonal spring softness we've experienced to date. Two, it assumes that pressure on big ticket categories will persist for the remainder of the first half. And three, it reflects a range of scenarios related to tariff costs that our vendor base and we are incurring in the second quarter. In other words, we've considered the implications of tariffs through the 90-day pause that began on April 9th. While not our standard practice, given current conditions, as I mentioned, we are also providing second quarter guidance, as we believe offering near-term visibility is important for our investors at this time. As always, our goal is to be transparent, and we remain committed to updating our outlook as we gain greater visibility I'll now turn the call over to Kurt to walk you through the financials.