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    Tractor Supply Co (TSCO)

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    Tractor Supply Company is the largest rural lifestyle retailer in the United States, catering to recreational farmers, ranchers, and rural lifestyle enthusiasts, known as the "Out Here" lifestyle . The company operates 2,414 retail stores across 49 states under the names Tractor Supply Company and Petsense by Tractor Supply, primarily in rural and outlying town areas . Their extensive product offerings include livestock, equine, and agriculture products; companion animal supplies; seasonal and recreational items; truck, tool, and hardware products; and clothing, gifts, and décor .

    1. Livestock, Equine & Agriculture Products - Offers a wide range of products for livestock care, equine needs, and agricultural activities, supporting the essential needs of rural and farming communities.
    2. Companion Animal Products - Provides supplies and products for the care and enjoyment of pets, catering to pet owners' needs for food, health, and accessories.
    3. Seasonal & Recreation Items - Includes products for seasonal activities and recreational purposes, enhancing the rural lifestyle experience with items for outdoor and leisure activities.
    4. Truck, Tool & Hardware Products - Supplies tools, hardware, and truck-related products, supporting maintenance, repair, and transportation needs for rural and suburban customers.
    5. Clothing, Gift & Décor Items - Offers a selection of clothing, gifts, and home décor, providing lifestyle and personal expression options for customers.
    NamePositionStart DateShort Bio
    Harry A. Lawton, IIIPresident and Chief Executive OfficerJanuary 2020Harry A. Lawton, III has served as the President and CEO of Tractor Supply Company since January 2020. Previously, he was the President of Macy's, Inc. and held leadership roles at eBay, Inc. and Home Depot, Inc. .
    Kurt D. BartonExecutive Vice President – Chief Financial Officer and TreasurerFebruary 2019Kurt D. Barton has been the EVP – CFO and Treasurer since February 2019. He joined the company in 1999 and has held various leadership roles in accounting .
    Robert D. MillsExecutive Vice President – Chief Technology, Digital Commerce and Strategy OfficerAugust 2018Robert D. Mills has served in his current role since August 2018. He was previously the Senior Vice President – Chief Information Officer and has held roles at Ulta Beauty, Inc., Sears Holdings Corporation, and others .
    John P. OrdusExecutive Vice President – Chief Stores OfficerFebruary 2020John P. Ordus has been the EVP – Chief Stores Officer since February 2020. He joined the company as a District Manager in 2002 after the acquisition of Quality Farm & Fleet, Inc. .
    Jonathan S. EstepExecutive Vice President – Chief Merchandising OfficerFebruary 2020Jonathan S. Estep has served as EVP – Chief Merchandising Officer since February 2020. He has been with the company in various merchandising roles since re-joining in January 2008 .
    Melissa D. KerseyExecutive Vice President – Chief Human Resources OfficerJuly 2020Melissa D. Kersey has been the EVP – Chief Human Resources Officer since July 2020. She previously held executive roles at McDonald's USA, LLC and Walmart Inc. .
    Colin W. YankeeExecutive Vice President – Chief Supply Chain OfficerFebruary 2020Colin W. Yankee has served as EVP – Chief Supply Chain Officer since February 2020. He joined the company as Senior Vice President, Supply Chain in November 2015 .
    Noni L. EllisonSenior Vice President – General Counsel and Corporate SecretaryJanuary 2021Noni L. Ellison has been the SVP – General Counsel and Corporate Secretary since January 2021. She was previously with Carestream Dental LLC and held roles at Turner Broadcasting System, Inc. and others .
    Kimberley S. GardinerSenior Vice President – Chief Marketing OfficerJuly 2022Kimberley S. Gardiner has served as SVP – Chief Marketing Officer since July 2022. She was previously the CMO at Volkswagen Group of America and Mitsubishi Motors North America .
    Matthew L. RubinSenior Vice President and General Manager of Petsense by Tractor SupplyFebruary 2021Matthew L. Rubin has been the SVP and General Manager of Petsense by Tractor Supply since February 2021. He was previously with The Michaels Stores, Inc. and Accenture plc's North America Retail Practice .
    1. Given the deflation and modestly below-chain-average comps in your consumable, usable, and edible (CUE) products—particularly in pet food where industry growth is only slightly positive—how do you plan to drive growth in this segment and offset the impact of deflation on your average unit retail?

    2. With discretionary categories like clothing, footwear, and outdoor living performing below comp sales growth, what specific strategies are you implementing to revive these categories, and how confident are you in consumer demand rebounding in these areas?

    3. While big-ticket items such as zero-turn mowers and recreational vehicles have shown strong positive comps, how sustainable is this growth given potential economic uncertainties and the possibility of moderation in big-ticket trends?

    4. Considering potential consumer uncertainty due to the upcoming federal election and a shorter holiday selling season with five fewer selling days between Thanksgiving and Christmas, how are you adjusting your strategies to mitigate these risks and achieve your Q4 guidance?

    5. Your long-term comparable store sales growth target is 4% to 5%, but current expectations are between flat to up 1%; what key initiatives or market conditions do you anticipate will drive a return to your long-term comp targets over the next 12 to 18 months?

    Program DetailsProgram 1
    Approval DateFebruary 2007
    End Date/DurationNo expiration date
    Total additional amount$6.50 billion
    Remaining authorization$641.7 million
    DetailsCan be limited, paused, or terminated at any time without notice
    YearAmount Due (Millions)Debt TypeInterest Rate (%)% of Total Debt
    2029150.0 3.70% Senior Notes3.70 8.1% = (150.0 / 1850.0) * 100
    2030650.0 1.75% Senior Notes1.75 35.1% = (650.0 / 1850.0) * 100
    2033750.0 5.25% Senior Notes5.25 40.5% = (750.0 / 1850.0) * 100

    Competitors mentioned in the company's latest 10K filing.

    • General merchandise retailers
    • Home center retailers
    • Pet retailers
    • Specialty and discount retailers
    • Independently owned retail farm and ranch stores
    • Numerous privately-held regional farm store chains
    • Farm cooperatives
    • Internet-based retailers
    NameStart DateEnd DateReason for Change
    Ernst & Young LLP2001 PresentCurrent auditor

    Recent developments and announcements about TSCO.

    Financial Reporting

      Earnings Report

      ·
      6 days ago

      Tractor Supply Company (TSCO) has released its fourth-quarter and fiscal year 2024 earnings results as of January 30, 2025. Below are the key highlights:

      Fourth Quarter 2024 Results:

      • Net Sales: Increased by 3.1% to $3.77 billion, driven by new store openings and a 0.6% increase in comparable store sales. The average transaction count grew by 2.3%, though the average ticket value decreased by 1.7%.
      • Gross Profit: Rose by 2.8% to $1.33 billion, with a slight decrease in gross margin to 35.2% from 35.3% in the prior year.
      • Net Income: Decreased by 4.6% to $236.4 million, with diluted EPS at $0.44, down from $0.46 in Q4 2023.
      • Shareholder Returns: The company returned $271.7 million to shareholders through share repurchases and dividends.
      • Store Expansion: Opened 26 new Tractor Supply stores and 4 Petsense by Tractor Supply stores.

      Fiscal Year 2024 Results:

      • Net Sales: Increased by 2.2% to $14.88 billion, with a 0.2% rise in comparable store sales.
      • Gross Profit: Increased by 3.2% to $5.40 billion, with gross margin improving to 36.3% from 35.9% in fiscal 2023.
      • Net Income: Decreased slightly by 0.5% to $1.10 billion, while diluted EPS rose by 1.1% to $2.04.
      • Capital Returns: Over $1 billion was returned to shareholders through share repurchases and dividends.
      • Store Growth: Opened 80 new Tractor Supply stores and 11 Petsense by Tractor Supply stores.

      Fiscal Year 2025 Guidance:

      • Net Sales Growth: Expected to grow by 5% to 7%.
      • Comparable Store Sales: Anticipated to increase by 1% to 3%.
      • Diluted EPS: Projected to range between $2.10 and $2.22.
      • Capital Expenditures: Estimated at $650 million to $725 million, net of sale-leaseback proceeds.
      • Share Repurchases: Planned between $525 million and $600 million.

      Strategic Initiatives and Outlook:

      • The company continues to focus on its Life Out Here 2030 strategy, which includes market share gains, digital sales exceeding $1 billion, and high-return new store openings.
      • The acquisition of Allivet, an online pet pharmacy, is expected to unlock new growth opportunities.
      • Tractor Supply plans to open approximately 90 new Tractor Supply stores and 10 new Petsense by Tractor Supply stores in 2025, alongside ongoing Project Fusion remodels and garden center transformations.

      Key Trends:

      • Despite macroeconomic headwinds, the company remains optimistic about improving comparable store sales throughout 2025 as these challenges subside.
      • Investments in strategic initiatives, including new distribution centers and store layouts, are expected to drive long-term growth.

      For more details, the company will host a conference call today at 10 a.m. ET, which can be accessed via their investor relations website.


      Sources: , ,