Why Tractor Supply Stock Slumped Today
Shares of retail chain Tractor Supply (NASDAQ: TSCO) slumped on Thursday after the company reported financial results for its third quarter of 2024. As of 1 p.m. ET, Tractor Supply stock had dropped 5%.
Tractor Supply has nearly 2,300 stores across the U.S., selling things such as gardening supplies, animal feed, and more. Demand is steady but not necessarily growing right now. The company's Q3 revenue was up almost 2% year over year to $3.5 billion, thanks to the opening of some new locations. But same-store sales slipped by 0.2%.
Analysts had hoped for slightly better sales from Tractor Supply. However, the company did well regarding profitability. Its gross margin improved from less than 37% in the prior-year period to slightly above 37% in Q3. And even though its net income fell by 5% to $242 million, this was a little better than analysts anticipated.
Source Fool.com
