Tractor Supply Co forecasts weak annual sales on slowing demand
Feb 1 (Reuters) - Farming supplies retailer Tractor Supply Co forecast fiscal 2024 sales on Thursday largely below analysts' estimates, hurt by weak demand and lower spending by customers at its stores.
The company expects fiscal 2024 net sales between $14.7 billion and $15.1 billion, compared with analysts' estimates of $15.03 billion, according to LSEG data.
A pullback in consumer spending on agriculture and home improvement products has hurt sales of big-ticket items at Tractor Supply, similar to recent trends seen at larger rival Lowe's.
Tractor Supply's comparable-store sales fell 4.2% in the fourth quarter, compared with an 8.6% rise a year earlier.
The company's comparable average transaction count declined 2.7%, while average ticket fell 1.5%.
Tractor Supply's sales fell 8.6% to $3.66 billion in the fourth quarter.
For the full year, the company forecast comparable-store sales to be within a range of down 1% to up 1.5%. (Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Sriraj Kalluvila and Shounak Dasgupta)
