Tractor Supply Co. TSCO, -3.21% reported Thursday third-quarter profit that topped expectations but sales came up a bit shy, and raised its full-year outlook. The rural lifestyle retailer said net income rose to $234.1 million, or $2.10 a share, from $224.4 million, or $1.95 a share, in the year-ago period. The FactSet consensus for earnings per share was $2.08. Sales increased 8.4% to $3.27 billion, compared with the FactSet consensus of $3.28 billion. Same-stores sales were up 5.7%, as average ticket growth of 7.0%, amid strength in consumable, usable and edible (C.U.E.) products, offset a average transaction count of 1.3%. Cost of sales rose 8.9% as gross margin contracted to 35.6% from 36.0%. Inventories increased 21.7% to $2.68 billion, after rising 24.7% in the second quarter. For 2022, the company raised its guidance ranges for EPS to $9.55 to $9.63 from $9.48 to $9.60, for sales to $14.06 billion to $14.12 billion from $13.95 billion to $14.05 billion and for same-store sales growth to 5.4% to 5.8% from 5.2% to 5.8%. The stock, which was still inactive in premarket trading, has lost 5.3% over the past three months while the S&P 500 SPX, -0.67% has dropped 6.7%.