Tractor Supply 3Q Profit Slides as Fuel, Freight Costs Rise

Dow Jones10-22

Tractor Supply's third-quarter profit fell as higher transportation and fuel costs weighed on profit, offsetting higher revenue from recent acquisitions and new store additions.

The rural lifestyle retailer posted on Thursday a decline in net income to $224.7 million, or 43 cents a share, compared with $259.3 million, or 49 cents a share, in the same quarter a year ago.

Tractor Supply said that the decline was primarily due to higher transportation and fuel costs.

According to FactSet, analysts were expecting 41 cents a share.

Sales rose 5.1% to $3.91 billion, topping analyst forecasts of $3.82 billion, due largely to new store openings and its acquisition of VIP Petcare.

Comparable store sales rose 0.4%, a deceleration from the prior-year period's 3.9%.

The company opened 23 new stores in the quarter.

Tractor Supply reaffirmed its guidance for the year.

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