First-quarter net income was $84.9 million, or 75 cents a share, compared with $72.9 million, or 65 cents a share, a year ago. Analysts on average expected 74 cents a share.
First-quarter operating revenue rose 8.5 percent to $3.2 billion, the company reported.
The stock fell 58 cents per share to close at $40.82 in New York Stock Exchange trading on Wednesday.
STAFF REPORTSTractor Supply's net sales rise in quarter
Tractor Supply, the Brentwood-based retail chain said net sales in the first quarter increased 9.3 percent to $710.9 million, and same-store sales went up as well although not as much as they did in the prior year.
Same-store sales increased 2.8 percent in the first three months this year (the quarter ended on March 27) led by heating products, insulated clothing and products related to feeding pets and animals. Tractor Supply opened 19 new stores and closed one store in the first quarter compared to 28 new stores, one closure and one relocated store a year ago.
The company anticipates net sales up to $3.5 billion for the full fiscal year and same-store sales to range between gains of 1 percent and 3 percent.
Earnings were released after the market had closed Wednesday. On the day, Tractor Supply shares gained $1.25 to close at $69.18 a share in Nasdaq trading.
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