Higher depreciation and amortization costs, expenses from opening a distribution center and cost inflation are likely to have weighed on the company's performance. Growth investments and deleveraged fixed costs are also expected to have driven SG&A expenses in the to-be-reported quarter.Our model indicates a 5.3% year-over-year increase in SG&A expenses for the first quarter, with the SG&A expense rate rising 20 basis points to 25.3%. Depreciation and amortization expenses are expected to increase 16% year over year in the first quarter.Valuation & Price Performance of TSCO StockFrom a valuation perspective, the Tractor Supply stock trades at a premium relative to the industry. The company has a forward 12-month price-to-earnings ratio of 22.7X, above the industry's average of 14.8X.