Tractor Supply Trims 2016 Financial Outlook On Weak Same-store Sales

Tractor Supply Co. late Wednesday said it expects second-quarter earnings in a range of $1.15 to $1.16 after its same-store sales in the quarter shrank 0.5%. Analysts surveyed by FactSet are projecting adjusted quarterly EPS of $1.26. The company blamed weak sales of spring seasonal products for the sharp drop in comparable sales. However, net sales rose 4.5% to $1.85 billion. The retailer, whose range of products include tractor parts to animal feed, cut its 2016 net sales outlook to $6.8 billion to $6.9 billion from a range of $6.9 billion to $7 billion and lowered its EPS target to $3.35 to $3.40 versus $3.40 to $3.48. It also trimmed the full year same-store sales forecast to 2.5% to 3.5% from 3.5% to 5.0%. Tractor Supply is scheduled to announce its second-quarter earnings on July 20. Shares of Tractor Supply were halted after hours after rising 1.1% to close at $95.17.