By Dhirendra Tripathi
Investing.com – Tractor Supply Company (NASDAQ:TSCO) stock fell 7.6% Monday as renewed worries over the spread of Covid-19 overshadowed the record second-quarter earnings the rural lifestyle retailer announced today.
Broader worries over a stalling vaccination program in many countries and global economic growth amid a rapidly-spreading Delta variant of the coronavirus were leading to a major selloff in stocks.
All geographic regions and major merchandising categories of the company reported comparable store sales growth. In addition, it experienced a record sales quarter in its e-commerce business.
The company expects net sales in the ongoing financial year to come between $12.1 billion and $12.3 billion, up from the $114 billion to $11.7 billion forecast earlier.
Diluted net earnings per share are seen in the range of $7.70 to $8 as against $7.05 to $7.40 forecast given earlier.
Net sales for the second quarter increased 13.4% year-on-year to $3.60 billion.
This was driven by robust growth in everyday merchandise, including consumable, usable and edible products, and solid demand for spring and summer seasonal categories, the company said.
Net income increased 9.3% to $370 million and diluted EPS increased 10% to $3.19.