By Rob Curran

Tractor Supply posted a drop in first-quarter net income on a shortfall in sales and cut its 2025 sales and profit projections, as uncertainties in agricultural economics took a toll on demand.

The Brentwood, Tenn.-based farm-and-ranch retailer logged net income of $179.4 million, or 34 cents a share, down from $198.2 million, or 37 cents a share, a year earlier. Analysts polled by FactSet had set the mark at 37 cents a share.

Sales increased 2.1% to $3.47 billion, short of the mean analyst estimate of $3.53 billion, as tallied by FactSet.

Same-store sales, or sales in stores open a year or more, fell 0.9% for the three-month period.

The chain, which sells a range of outdoor equipment from grills to four-wheelers in addition to agricultural machinery, slashed its 2025 profit projection to a range between $2 and $2.18 a share from the prior $2.10 to $2.22 a share.

"Since issuing our initial 2025 outlook, there has been a notable increase in uncertainty, in particular the introduction of new tariffs," said President and Chief Executive Hal Lawton in a statement.

Tractor Supply also reduced its 2025 sales projection, and now anticipates growth in a range between 4% and 8% from the 2024 total of $14.88 billion, down from a previous estimate of a 5%-to-7% climb.

For the second quarter, Tractor Supply targeted earnings in a range between 79 cents and 81 cents a share. The company expects sales to rise between 3% and 4% for the second quarter. Tractor Supply targeted same-store sales level with or up 1% from a year earlier, at most.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

April 24, 2025 07:25 ET (11:25 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.