Tractor Supply Co.’s stock slides 5% premarket after sales miss, lowered guidance

Tractor Supply Co.’s stock
TSCO,
-4.69%
fell 5% early Thursday, after the retailer of farm and ranch products . Brentwood, Tenn.-based Tractor Supply had net income of $255 million, or $2.33 a share, for the quarter, up from $234.1 million, or $2.10 a share, in the year-earlier period. Sales rose 4.3% to $3.41 billion. The FactSet consensus was for EPS of $2.29 and sales of $3.47 billion. CEO Hal Lawton said sales were lower than expected. “Given this environment, we have updated our outlook for the year to reflect continued unfavorable seasonal category performance and discerning consumer spending,” he said in a statement. The company is now expecting full-year EPS of $10.00 to $10.10, down from prior guidance of $10.20 to $10.40. It expects sales of $14.5 billion to $14.6 billion, down from prior guidance of $14.8 billion to $14.9 billion. Same-store sales are expected to be flat, versus prior guidance of up 1.3% to 2.5%. The stock has fallen 12% in the year to date, while the S&P 500
SPX,
-1.18%
has gained 9%.