Tractor Supply beats on earnings, offers sales guidance below expectations

Tractor Supply Co. shares fell 2.8% in Thursday premarket trading after it offered full-year sales guidance below Street expectations. The rural lifestyle retailer posted first-quarter net income of $187.2 million, or $1.65 per share, up from $181.4 million, or $1.55 per share, last year. Sales of $3.024 billion were up from $2.792 billion last year. The FactSet consensus was for EPS of $1.42 and sales of $2.922 billion. Comparable store sales rose 5.2%, driven by 6.7% growth in average ticket and a 1.4% decline in average transaction count. The FactSet consensus was for comparable sales growth of 1.9%. Tractor Supply continues to aim for 75 to 80 new store openings in 2022, though there were COVID-related delays in the first quarter. Tractor Supply also reiterated its full-year guidance for sales of $13.6 billion to $13.8 billion, comparable store sales growth of 3% to 4.5% and EPS of $9.20 to $9.50. The FactSet consensus is for sales of $13.814 billion, comparable store sales growth of 4% and EPS of $9.41. Tractor Supply stock is down 7.3% for the year to date but has advanced 22.7% over the past 12 months.

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