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Tractor Supply hit by slump in energy markets

"Red price in the morning morning, profit warning"

Wheat field
The most pronounced decreases in sales has been in the retailer's energy and agricultural communities

Shares in Tractor Supply Company ploughed some 15% lower in early deals after it downgraded its outlook.

The Tennessee headquartered outdoors and home improvement retailer flagged net sales guidance of US$1.54-1.55bn for the third quarter, falling short of market consensus for US$1.57bn.

It blamed weak sales in what were described as America’s ‘energy producing regions’ and pointed the blame on the prolonged decrease in oil, gas and coal output in those areas which has seemingly had a knock-on effect to consumer behaviour.

Greg Sandfort, Tractor Supply Company chief executive, said: "While the retail environment has become more challenging over the past several months, the most pronounced decreases in our traffic and sales are in energy and agricultural communities.

“With our customers generally being fiscally conservative, we believe many of them have responded to the economic uncertainty by reducing their purchasing patterns in some of our key geographic regions."

The NASDAQ stock moved US$13.40, 15.90%, lower to change hands at US$70.25 per share.

Quick facts: Tractor Supply Company

Price: 139.93 USD

NASDAQ:TSCO
Market: NASDAQ
Market Cap: $16.26 billion
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