Tractor Supply Company has lowered its guidance amid increasing global uncertainty and a drop in first-quarter comparable sales.

The company now expects net sales to increase 4-8 per cent for FY25, compared to previous outlook of positive 5-7 per cent. Comparable sales are forecast to be flat or up 4 per cent versus the prior 1-3 per cent.

“Since issuing our initial 2025 outlook, there has been a notable increase in uncertainty, in particular the introduction of new tariffs,” said Hal Lawton, president and CEO.

For the first quarter ended March 29, Tractor Supply Company recorded a 0.9 per cent decline in comparable store sales as strong growth in average transaction count was offset by a drop in average ticket.

Net sales rose 2.1 per cent to $3.47 billion driven by new store openings and the contribution from Allivet.

Operating income decreased 5.3 per cent to $249.1 million and net income fell 9.5 per cent to $179.4 million.

“As the year unfolds amid increasing volatility, our conviction in Tractor Supply’s resilient and durable business model remains strong,” added Lawton. “We have a long track record of navigating uncertain environments, and we believe we are well-positioned to do so once again.” 

The company reported a 2.2 per cent increase in net sales and 0.2 per cent uplift in comparable store sales in the last fiscal year.