By Thomas Paulson, Head of Market Insights Tractor Supply reported $3.47B in sales for Q1, a +2.1% increase vs. last year and slightly less than Advan’s estimate of $3.52B (-1.5% miss). We suspect that the miss was due to the timing of Easter, which would have pushed sales into the last day of the quarter last year; average ticket slipped by -120 bps QoQ to a -2.9% YoY decline. Weather was also very disruptive this year, which pushed seasonal sales later in the period, adversely impacting both traffic and comp-ticket.