Good afternoon, ladies and gentlemen, and welcome to Tractor Supply Company’s conference call to discuss first quarter 2012 results. [Operator instructions.] I would now like to introduce your host for today’s conference, Ms. Jennifer Milan of FTI Consulting. Please go ahead, Jennifer.

Thank you, operator. Good afternoon everyone, and thank you for joining us. Before we begin, let me take a moment to reference the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. This conference call may contain forward-looking statements that are subject to significant risks and uncertainties, including the future operating and financial performance of the company. Although the company believes that 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. Important risk factors that could cause actual results to differ materially from those reflected in the forward-looking statements are included 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 the statements will remain operative at a later time. Lastly, Tractor Supply Company undertakes no obligation to update any information discussed in this call. Now, I’m pleased to introduced Greg Sandfort, president and chief merchandising officer. Greg, please go ahead.

Thank you, Jennifer, and good afternoon, everyone. I’m here today with Jim Wright, our chairman and CEO, and Tony Crudele, our CFO. We’re very pleased with our first quarter results, and are very excited that we achieved another significant milestone for Tractor Supply Company, generating first quarter sales of over $1 billion for the first time in the company’s history. Our results continue to reflect broad-based strength with solid performance in all areas of the store and in all regions. Our team again executed exceptionally well in what continues to be a very challenging retail environment. The strides we are making in the areas of inventory management, merchandise allocation, and expanded regionalization of our assortments continued to contribute to our performance. We are delighted to have generated another quarter of double digit increases in both sales and profitability on top of record results a year ago. Now let me provide a little more detail on our first quarter performance. We did anticipate stronger first quarter results than our business has historically exhibited due to the calendar shift created by the 53rd week last year. We also benefited from our improved ability to both plan for, and react to, seasonal weather patterns and changes in our customers’ wants and needs. As stated on our prior call, we accelerated product flow of spring sets in our southern markets this year while planning concurrent marketing expenditures in those same regions to drive sales. These planned shifts, based on our analysis of historical sales patterns, allowed us to more fully capture peak demand in these markets, especially given the early break we experienced in spring weather this year. At the same time, we are recognizing and reacting more quickly to the sales trends and customer demand that develop in our business daily. With the…

Thanks Greg. Good afternoon everyone. We had another terrific performance in the first quarter, with broad-based strength from nearly all aspects of the business. For the quarter ended March 31, 2012, on a year over year basis, net sales increased 22% to $1.02 billion, and net income grew by 120% to $40.3 million, or $0.55 per diluted share. As a reminder, our Q1 2012 results reflect the calendar shift associated with the 53rd week in 2011. Comp store sales increased 11.5% compared to last year’s reported increase of 10.7%. Adjusting for the week shift, last year’s comp store sales increase would have been 7.6%. We are pleased with the strong comp store sales growth, which was driven by a combination of both ticket and transactions. Non-comp sales were $59 million, or approximately 5.8% of sales. Comp transaction count increased for the 16th consecutive quarter, gaining 4%. We had one less comp day as a result of the calendar shift, which we estimate would have added approximately 110 basis points to the comp transaction count and overall comp sales. Our CUE products, serving our customers’ basic and functional needs, remained an important driver of footsteps. The trend in average comp ticket exceeded the comp transaction increase for the second consecutive quarter. Average comp ticket gained 7.1% versus last year’s reported 2.3% increase. The increase resulted from a combination of inflation; an increase in big ticket purchases, which benefited from an early riding lawnmower season; and an increase in items per transaction. We continued to experience broad-based sales strength with respect to both merchandise categories and geographic regions. All nine of the geographic regions had strong positive upper single digit or low double digit comp store sales. Generally, sales were the strongest in the northern regions as a result of record warm…

Thanks Tony, and good afternoon everyone. Tractor Supply has made substantial progress on many initiatives over the past few years that are enabling us to plan, react, and execute better today than at any time in our company’s history. The operational benefits from these improvements continue to take hold as clearly was demonstrated by our record first quarter performance. As an example, our proactive planning allowed us to benefit this year from an earlier spring selling season in southern markets. We also reacted quickly in northern markets to minimize the seasonal risk posed by the condensed winter season this year, and then shifted very quickly to capitalize on the early spring weather seen in March. Frankly, we would not have been able to execute at this level only a year ago. Regarding the current retail environment, consumers continue to look for compelling value. Purchases continue to be driven by need, and take place closer to need. We remain firmly committed to our strategy of providing exceptional value to our customers in this environment. We’ll continue to refine our assortments and the in-store experience to maintain newness and to keep our customers highly engaged with the Tractor Supply brand. As we enhance our assortments, we’ll maintain our focus on being the most reliable supplier to our customers for their consumable, usable, and edible needs. We remain focused on private label brands. This has been a very successful strategy for us, as most recently demonstrated by the strong performance seen across several seasonal categories, with groundwork in the first quarter of this year. We believe we have further opportunity to build on our private label initiative across multiple categories, particularly in areas where there is not currently a strong brand allegiance. We continue to roll out price optimization and improve our capacity to grow both market share and margin rate. We also continue to mine data from our CRM and direct mail programs, refine our marketing strategies, and improve the productivity of the marketing spend. We are confident that we can increase share of wallet with existing customers and to grow our customer base. We’ll also continue to expand our footprint in key regions as we grow toward a recently increased domestic potential of 2,100 stores. As Greg mentioned, the new stores we opened this year are collectively exceeding our expectations. Our prudent approach to expense management, along with our commitment to a strong balance sheet, will allow us to continue investing in our business and increasing shareholder value. And with that, operator, I’d now like to open the call up for questions.

[Operator instructions.] We’ll go first to David McGee with SunTrust Robinson Humphrey.

Just a question regarding the live goods trial that you’ve been doing. Could you give us, if you care to, the impact on comps or what the relative margin looks like on that product?

As far as a percentage of comp, we don’t usually talk to that. What I can say is this. It’s in different levels throughout the company. We mentioned earlier that we started with a heavier penetration in the south, and that was the first deliveries, and then we moved into the mid- and to the north, and it’s just starting to get dense in the north. Very pleased with our sell-throughs. As a matter of fact, we found that we have more potential for more business because some of the sell-throughs were really far greater than we thought, chasing a little bit of that business. We’re not like the big boxes. It’s different products. You know, it’s fruit trees, and it’s not shade trees. It’s not flowering shrubs, it’s more greenery and things of that nature. But what I can tell you about the business is that we’re still in the early stages of developing this. It’s unique to us. From a margin standpoint, if it’s managed well it would be clearly in line with the overall company margins. And we’re not seeing anything at this point in time with our current performance that would lead us to believe any different.

Secondly, on the big ticket purchases, is there anything that would give you confidence that the uptick that you’ve seen in the first quarter will persist in the second quarter?

I would give you a positive on that of no. I don’t think that what we’ve seen early on gives us any feeling that the customer is responding back and saying it’s time to now replace versus repair, because as I mentioned in my comments, our repair business continues to be very, very strong, continues to grow year after year. So I don’t think the replacement cycle is here just yet.

We’ll go next to Vincent Sinisi with Bank of America. Vincent Sinisi – Bank of America: You said your inflation expectations for the year basically are a percent higher than what you had been originally thinking. Can you give us any clarity in terms of is anything truly catching you surprised from a cost perspective? And then maybe an update to your gross margins for the year? I believe last you had spoken about it, you said somewhere in the neighborhood of 10-15 basis points?

When it comes to inflation, again, I’d like to remind you that this is really just a snapshot, a point in time, where we will look at currently where we’re at and compare it to last year. So again, it’s not a true projection. When we do that, the difference that we saw versus a quarter ago when we gave our full year projection, is in two areas, one in the birdseed category as well as in the grass seed area. Those are two areas that sort of jumped out at us that the prices held up a little bit higher than we had anticipated when we looked at it three months ago. So those were two drivers. Other than that, I would say we’re generally close to our forecast. Vincent Sinisi – Bank of America: And as a follow up, if you could just give us a current state of where you are with the smaller market stores? How many right now? And maybe for this year the percentage of the new stores you think that may be the smaller markets?

When it comes to small markets, we probably purposely haven’t provided information as to the numbers, because when we look at that program we really look at it as taking a store and sizing it properly for a market. So now, as we look out on the 2,100 potential store sites, we just really see it as a mix, and on a going forward basis we’ll continue to update as far as square footage growth and still targeting 8% square footage growth. But when we look at the stores, still very productive and we’ll grow the base, and as you look at the remaining, say, thousand stores, just in round numbers, 300 of which we look at as being small market stores. We’re going to be opening those in sort of the same ratable proportion.

We’ll take our next question from John [Lawrence] with Stephens. John [Lawrence] - Stephens: Just real quick, Tony, would you comment a little bit on the $34-38 million that you basically extracted from the second quarter and just talk a little bit about some of those product categories that you feel have pulled forward? Greg mentioned the OPE a little bit. So if that’s the case, how much of the cycle do you think is over for that product, or certainly declining as we get into the second quarter?

We clearly looked at some of the stronger lawn and garden categories. Obviously the one that comes to mind is the riding lawnmower, probably easiest to wrap your mind around. Obviously when you look at that, it’s very difficult for us to assess whether there’s going to be continued pent up demand or if there’s a replacement cycle. So what we did was, we looked at the selling curve that we’ve normally seen in past. We looked at years that were very reflective of the current year that we’re in. And we looked at what their cycles were and then compared it to the norm and said we estimate that this amount of sales potentially came earlier. Now, again, that doesn’t necessarily mean that there may be some additional sales and that curve may be extended. And that’s what we don’t know as of yet. But we looked at categories such as the riders, sprayer chemicals, lawn and garden, grass seed, things like that, where there might be just one planting and there might not be a secondary purchase later in the quarter. And again, best estimate, and we really only find out as we work through the April-May time cycle.

We’ll go next to Dan Wewer with Raymond James.

Expenses at a store level were essentially flat year over year. It looks like that’s the best showing since the second quarter of 2009 and typically there’d be maybe a 2-3% underlying rate of inflation in different categories. Is this going to be sustainable? And then also, curious, why would the incentive comp have declined given the success the company achieved during the quarter?

First question, of whether it’s sustainable, I would say no, it’s not to the order of magnitude that we saw in the first quarter. As I stated earlier, because of the warm winter, some of the expenses that we normally would incur we did not. And so we had some significant favorable variances when it came to utilities. Obviously gas and electric, and floor maintenance and snow removal. So those were three or four of the key elements that I would tell you that it would not be the normal year over year expense increase that you would see. So not sustainable from that standpoint. When you look at the bonus accrual, obviously it’s based on what our expectations are for that particular quarter, and each year we are obviously challenged based on a forecast for that particular year. And as we looked at the variance and estimate the bonus in the first quarter obviously there’s a lot of subjectivity as to how we perceive the entire year to be coming out. Additionally, there’s some either over- or under-accruals when it comes to the prior year and being caught up or not. So there was some play there as well when it comes to the bonus accrual.

Could you extrapolate that, that the reduction in the accrual actually implies that first quarter was below your original expectations, your in-house expectations?

No, the first quarter was well above our expectations.

And just out of curiosity, you guys have been amazing in your ability to forecast weather and how to adjust your merchandise allocation. What does your crystal ball say about the second quarter?

We don’t have a crystal ball unfortunately. We have a weather service we use. We use NOAA. We look at our business. I think the difference is simply this. We have a tremendous working relationship with the vendor community, probably stronger today than it’s ever been. We build a lot of our products on forecast, and then we flow against what’s developing in the business. So it’s easier to address things early in the season because you’ve got production there and you’ve got capacity. It’s more difficult in the latter part, but with the favorable March weather, we were able to basically just turn the dials and push the inventory through and chase that business. And again, we anticipated a little bit of that because, as I said, we shifted the south deliveries earlier. We’d been hearing from our stores that we needed the product down there much earlier, and we also shifted a piece of our marketing effort into the first quarter, both of which proved to be very prudent and very beneficial for the first quarter business. So this is just about running the business a lot smarter and also having some capabilities that we have today that honestly we didn’t have in years prior.

We’ll take our next question from Peter Keith with Piper Jaffray.

This is actually John on for Peter. I realize you guys don’t guide by quarter, but with the shifting weeks in Q2, is there any way you could give us some kind of range or rough quantification on how we should think about the Q2 comp?

Well, when it comes to the Q2 comp, as I mentioned in the prepared remarks, the reported comp last year was 4.6%, which was the lowest during the year last year. So there was an expectation that would be our easiest compare. But when we adjust it for the comparable weeks that we will have in the quarter this year, it’s a 7.1% quarter. So it’s a little bit more robust, a little bit more challenging quarter than what it would appear when it comes through the quarters.

And then secondly, I know it’s really early for you guys and your new TV ad initiative that you’re running in three test markets, but can you give us any indication on how or where non-shoppers are responding to the message?

We ran the first flight last year from late September through Thanksgiving, and frankly we’re not happy with the lift we got. We got a lift, but the lift did not principally come from the aware non-shopper. So as a result, we did a tremendous amount of research and the ad flight that is running as we speak in the same three markets has a significantly different theme and we have not nuanced at all what products we carry and what products we don’t carry. It’s a very straightforward ad campaign. Actually we have our own store managers as a spokesperson. But the flight just kicked off and it’s premature for us to read anything at this point in time. But we remain really very excited about the number of potential customers who have a misunderstanding of our stores and our products and who in our test groups, once we’ve explained it, indicate a very high tendency to want to shop our stores. So more to come as we get through the next 13 weeks or so of this test.

We’ll go next to Mark Miller with William Blair. Mark Miller – William Blair: I was hoping you could expand a little bit on the improved shrink. It seems like that benefitted you as you picked up here. And should we expect that can be a sustained improvement in future periods? And then I’d like to get an update on maybe one of the other dimensions in the store operations, and it’s the store manager retention. I believe that had improved, manager turnover had gone from 40% to 14%, but I think that was an improving trend. Was that something also that’s helping you on the shrink? And where’s that right now?

I’ll talk just briefly about shrink. We definitely had a very strong performance in the quarter. However, it’s not something that we’d be looking toward on a sustainable level. When we look at what we’ve done in the area of loss prevention, over the last three to four years we’ve made investments in technology, specifically put more cameras into our stores. And we’ve rolled out that program to more than half the chain. And that’s been done over the last several years. Our shrink has shown very sustained improvement over the last three years, and that’s why you may have some choppy results quarter to quarter, and we obviously had a very successful quarter this year. But on an ongoing basis, we expect that to just be small relative incremental improvements over the next quarter in the next couple years.

With regard to manager turnover, yeah, your memory serves you pretty well. In 2000, our store manager turnover was about 44%. Between there and probably 2004-2005 we were able to bring that down into the mid-teens, where it remains today. The other factor within that mid-teen manager turnover we have is the mix of voluntary versus involuntary and then also the mix of who’s leaving that we wish had not. And while we maintain that mid-teen level, we are really pleased with the continued talent development and retention rate of those who produced the greatest value for the company and the shareholder. So the bottom line is the team continues to strengthen at the store level and that also is a factor in shrink, amongst many, many other things. Mark Miller – William Blair: And my other question was going to be as you get stores opened earlier in the year, does that free up any field resources for more planogram changes later in the year, or is there any benefit from getting those stores in place earlier other than just being set up for second half sales?

Mark, let me see if I understand your question. Because, you say, we’re opening more stores early, does that give us the opportunity to do things in the stores later because we’ve kind of shifted the talent pool [unintelligible] earlier. Is that what you’re saying? Mark Miller – William Blair: Yeah, just generally.

What it can do for us is give us the ability to do some remodels of stores. We talked a little bit about reimaging at one point. You know, changing all the sign packages. So we have some capacity later in the year, yes, to have a few more things done in the stores. But we won’t go beyond the early October date because to be honest with you we’re then into the fourth quarter and we don’t want to put anything in jeopardy. But yeah, it would give us a little bit of opportunity.

We’ll take our next question from Alan Rifkin with Barclays. Alan Rifkin – Barclays: I was wondering, gentlemen, if you could provide some commentary on how to advertising line did relative to your plan and if that was a point of leverage at all for you in the quarter?

I can talk to that a little bit. We did leverage advertising over a year ago in the quarter, even though we moved some expense in. And that was all primarily driven by, of course, the sales. Very pleased with how we did leverage, and I guess somewhat anticipated, but it really was all driven by the sales. So it was definitely the right thing to do for the business. Alan Rifkin – Barclays: Are you at liberty to say how much leverage it provided for you in the quarter? And what should we expect in Q2?

First of all, I would say that, you know, we leveraged 5 basis points. It wasn’t a lot. But we planned a little heavier spend for the quarter, so we came in under the plan. And for the second quarter, I would say that we’re going to be similar to a year ago, even though we did shift one ad, because we’re looking at probably some distribution increases in some markets that we thought were underserved a year ago. So light second quarter, a little bit of leverage first quarter. Alan Rifkin – Barclays: And one follow up if I may, Tony. How should we be thinking about the relatively modest share buyback in the quarter? Is that just a function of where the share price was? Can you elaborate on that a little bit?

Sure. Absolutely it is our philosophy to continue to buy the shares, both as the stock is moving up or as, hopefully, it is declining. In this case, in the first quarter, as we set our matrix up for purchase, and we went into the period in which we don’t adjust the matrix, the stock ran outside of that matrix and obviously resulted in very minimal purchases. But again, we’ll continue to support the program on an ongoing basis.

We’ll go next to Aram Rubinson with Nomura Securities. Aram Rubinson – Nomura: Obviously did a terrific job of repositioning inventory to take advantage of the weather and such. Was wondering, even as you chased a strong comp, did you miss sales would you say during the quarter? Is there some way to kind of measure how much sales you did miss, if that’s the case?

It’s difficult to say what we may have missed. What I can tell you is we did have some very high sell-throughs in some categories so that would lead me to believe that there’s more opportunity as we cycle this for next year. Aram Rubinson – Nomura: And then just looking to the second quarter, I remember on the last quarter you kind of commented that comps should be in the 3-5 range for each quarter. Does the pull-forward change that equation, or is that still safe?

As we move forward, I would look at it as each quarter is going to generally be within that range, the full year range, which was very similar to our expectations at beginning of the year. Aram Rubinson – Nomura: And then just the last thing is the new stores that you said are opening stronger, I’m assuming you’re opening more out on the west coast. Are you seeing anything consistent from the west coast that’s driving better performance? Or just a comment on how you’re feeling about that.

Actually, we’re thrilled. California performed very well. Florida is continuing to perform very well for us. We did not [disproportionately] open stores in the west coast. It takes time out there. We’re very methodical. We want to make sure that we cut the right long term deal. So there’s only, I think, two stores in California in the quarter. The rest of the stores were opened - we expanded a little more into New Mexico. We have some activity there. And we will be entering Colorado in Q2.

We’ll take our next question from Adam Sindler with Deutsche Bank. Adam Sindler – Deutsche Bank: First, on the planning and allocation, obviously this is one of your older gross margin initiatives. If you were to sort of look back maybe to the first quarter of 2010, and you had a similar situation here where your winter changed pretty significantly and then the year-on-year spring changed pretty significantly, what do you think the impact - if there’s any way to think about that - would have been relative to where we are now? And then what is left as we go forward? And then on same-store sales, just two questions. First, I think maybe when we started to talk about price opp, you had mentioned that there would be some earlier benefit on comps from price opp, if we were seeing any of that. And then secondly, on the big ticket, where in the pricing spectrum? Is it still low end? Big ticket? Or are we moving up to maybe more of the premium products?

Okay, Adam. That was a quick flurry of three, so let me try to slow down here and answer all three if I can. Planning allocation, the difference between each year is really the shift of the weather, and our preparedness. I mentioned earlier that this year for the first time we really delivered into the south markets earlier. We kind of set them early, and then we kind of moved the flow toward the north. We weren’t doing that two years ago. Everyone was setting at a similar time. So that’s a fairly large point of differentiation. And that takes more planning and seasoning with the planning and allocation team than you can imagine, because when you’re bringing in imports, and you’re buying domestic, and moving timing, and you’re doing stores south and north, it’s more complex than I can speak to. But that’s the big difference there. On the price opp, price opp is something that takes time, because here’s what happens. When you go in and you price optimize five or six categories, and let’s say 1,000 SKUs, it’s not over at that point. You’re optimizing, you’re watching it, you’re seeing what’s happening. And the dynamics of the business, retail, things can change. Things can shift. Inflation comes in as a factor. Seasonality comes in as a factor. So what we’re learning here is that we are seeing, in some places - you know, we have two buckets that we really talk to the most. That’s market share gain and gross margin. The blended bucket is probably the bucket that’s most difficult to talk to. It’s the smallest. But we are seeing market share growth, and it’s all been positive of what we have touched at this date. I’ll leave it at that. As far as big ticket, you asked about mix, higher end, lower end. It is truly a mix. Anything above $350 we consider big ticket. We did have a nice push in March in some of the outdoor power equipment categories. I would say above $1,000. But we do believe that some of that was a pull-in out of Q2. So we’re going to have to just kind of manage our way through April-May to see how it plays out for the season. But still cautiously optimistic.

We’ll go next to Joan Storms with Wedbush Securities.

Some of the things that you mentioned earlier - on the forage business, that’s one of the new merchandise issues, and you talked a little bit on the call. Can you quantify at all what that could be contributing to forward business as you roll that out across the chain?

It’s tough to say that forage is X percent or it’s X dollars. What I can tell you is that it is bringing, in the overall category of feed products, it does give us an additional bounce in the business when a customer now can fulfill most of their needs for their large animal. That was a miss before. So we’re still in, really, the early stages here. What we see is some market basket data we’ve looked at, that people that were buying in other categories that are now buying in the hay or forage category seem to spend more. It’s a typical - seen in a lot of other categories. So that’s about as granular as I think I can really get at this point.

And then also, maybe back to Jim, because he commented on this, on the marketing. The awareness of the Tractor Supply brand and people knowing that it’s not just about tractors. You had done some TV, and I know people aren’t doing a lot of newspaper flyers anymore, but Orchard Supply came public recently, and they’re doing more newspaper flyers to let people know they’re there. Is that something that you can use in your local rural markets?

A newspaper print is still in our mix. We have 15 print events a year, and they are distributed through mail or through newspaper distribution. That is down from 25 events a number of years ago. But it’s an important part of our mix. We discovered that for the most part, print, for us, has not proven to be a good prospecting media. We’re much better with electronic. And we’ve talked about - you probably know my point of view on TV over the years - but TV for us has not proven to be a media where we can advertise and sell tomorrow. It is, however, a very good media if you’re trying to communicate a message. So as a result, we are using TV and radio in this aware non-shopper test. But we will continue to use print, although frankly we see over time that we’ll begin to socialize our print spend into more of an emphasis on direct mail.

And Tony, could you just repeat the global sourcing percentages for me? Like from where you were and where you are. I missed that.

In this quarter we said that it was 8% imports and that actually represented a 36% increase in the imports year over year.

We’ll go next to Thomas Mahoney with Cleveland Research Company.

Question on the comp guidance. You raised comp guidance by 75 basis points at the midpoint, and the inflation contribution is a point higher. I think you said 2-3% versus 1-2%. Is there anything moving you incrementally into more cautious on the core underlying demand Q2 through Q4, other than the pull forward issue?

Not really. When we look at it at the back half, we did not make any significant adjustments to the back half relative to the strong performance of Q1. Generally we really like to look at Q1 and Q2 and look at the first half together so that before we make any adjustments to the back half of the year. So no significant takeaway relative to to overall comp guidance and the relevance impact of inflation.

And then is there any more color you guys can give on the strength that you’ve seen thus far in April? I guess if there’s any quantification versus Q1, that would be helpful. And then specifically, in the big OPE, if that strength has continued in April.

I can talk to a little bit of the outdoor power equipment categories. You can imagine that as we saw the business in the northeast shift there this one week, where we had snow and very cold weather, garden product and outdoor power equipment product slowed in that particular market for a few days. But in general the trends are continuing as they had through March. But it’s still early. It’s still early, because here’s what can happen, and we’ve seen this in the past. If the moisture in the ground stops, meaning we start to dry out, it only takes several weeks in Texas and you literally impact the business severely. And so we’re just being cautious to say that right now we’re in a great position with inventory. We have ample production waiting if the business continues to perform as it has. But I would not say that trends are going to be any different at this point, because it’s still early in the game and they’re still predicting drought in the south and it’s still a wildcard.

And I’d just like to add, it’s really critical that we sort of be patient as far as coming to any conclusions on Q2, because last year, as I mentioned earlier, April was very soft and as we always said, if April is soft, the sales will eventually come, and that meant May was a very strong month for us. So as we come into this year and actually have sort of the opposite scenario occurring, where we’re cycling against a very soft April, our anticipation is that April will be very strong, and it has run to those numbers. But it is critical to wait to see how we perform against a very strong May next year. When it comes to the cycle on the outdoor power equipment, as we look at that cycle, to the best of our estimation it looks as if the cycle did move forward a week. But again, it’s too early to tell until we actually see the results as we get into May.

And we have no further questions at this time. Please continue with any closing comments.

Very good, thank you. First, I’d like to elaborate a little bit on our stock repurchase plan. It’s a long term plan, part of our strategy to return shareholder value. We use a 10b5-1 plan between the open windows, and frankly the plan we set in place, the share price just ran away from our matrix. But we intend to, as we always do, reestablish a matrix for the go forward quarter. In closing, we’re energized by the opportunities we see ahead, our ability to capitalize on those opportunities. We executed extremely well in the first quarter. We’re very proud of the team. We reached another milestone of a billion dollar Q1, which is a terrific milestone for us to see. We look forward to the remainder of what has started out to be another exciting year for Tractor Supply Company, and we thank you all for being on the journey with us.