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TRACTOR SUPPLY CO /DE/ (TSCO)

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.

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NamePositionExternal RolesShort Bio

Colin W. Yankee

Executive

Executive Vice President - Chief Supply Chain Officer

None

Colin W. Yankee has been with TSCO since 2015, focusing on optimizing supply chain operations.

Harry A. Lawton III

Executive

President and Chief Executive Officer

Director at Sealed Air Corporation

Harry A. Lawton III has been leading TSCO since January 2020, driving strategic growth and operational excellence. He previously held leadership roles at Macy's, eBay, and Home Depot.

View Report →

John P. Ordus

Executive

Executive Vice President - Chief Stores Officer

None

John P. Ordus has been with TSCO since 2002, contributing significantly to store operations and customer experience enhancements.

Jonathan S. Estep

Executive

Executive Vice President - Chief Merchandising Officer

None

Jonathan S. Estep rejoined TSCO in 2008 and has led merchandising strategies, achieving significant revenue growth.

Kimberley S. Gardiner

Executive

Senior Vice President - Chief Marketing Officer

None

Kimberley S. Gardiner joined TSCO in 2022, bringing marketing expertise from Volkswagen and Mitsubishi.

Kurt D. Barton

Executive

Executive Vice President - Chief Financial Officer

None

Kurt D. Barton serves as the CFO and Treasurer, focusing on financial strategy and operations. His start date at TSCO is not specified in the documents.

Melissa D. Kersey

Executive

Executive Vice President - Chief Human Resources Officer

None

Melissa D. Kersey joined TSCO in 2020, bringing extensive HR leadership experience from McDonald's and Walmart.

Noni L. Ellison

Executive

Senior Vice President - General Counsel and Corporate Secretary

None

Noni L. Ellison joined TSCO in 2021, overseeing legal and corporate governance functions.

Robert D. Mills

Executive

Executive Vice President - Chief Technology, Digital Commerce, and Strategy Officer

Director at B&G Foods, Inc.

Robert D. Mills joined TSCO in 2014 and has been instrumental in advancing the company's technology and digital commerce strategies.

Andre J. Hawaux

Board

Director

Director at PulteGroup, Inc. and Lamb Weston Holdings, Inc.

Andre J. Hawaux joined the TSCO Board in 2022, with a background in finance and operations from his roles at Dick’s Sporting Goods and ConAgra Foods.

Denise L. Jackson

Board

Director

None

Denise L. Jackson joined the TSCO Board in 2018, bringing expertise in corporate governance and legal compliance from her tenure at AMN Healthcare.

Edna K. Morris

Board

Chairman of the Board

CEO and Partner of Range Restaurant Group LLC, Chair of the Human Capital and Compensation Steering Committee of Women’s Corporate Directors, Advisory boards of Byte Kitchen and Topsail Steamers

Edna K. Morris has been on the TSCO Board since 2004 and became Chairman in 2023, leveraging her extensive leadership experience in the restaurant industry.

Joy Brown

Board

Director

Director at Huron Consulting Group Inc., Board member at ESO

Joy Brown joined the TSCO Board in 2021, contributing her expertise in technology and data analytics.

Mark J. Weikel

Board

Director

None

Mark J. Weikel joined the TSCO Board in 2014, offering his extensive retail and financial expertise from his leadership roles at Luxottica and Victoria’s Secret.

Meg Ham

Board

Director

President of Food Lion, Member of the President’s Council on Sports, Fitness, and Nutrition

Meg Ham joined the TSCO Board in 2023, offering her extensive retail leadership experience.

Ramkumar Krishnan

Board

Director

CEO of PepsiCo Beverages North America

Ramkumar Krishnan has been on the TSCO Board since 2016, contributing his commercial and strategic insights from his leadership roles at PepsiCo.

Ricardo Cardenas

Board

Director

President and CEO of Darden Restaurants, Inc.

Ricardo Cardenas has been on the TSCO Board since 2019, bringing financial and strategic expertise from his leadership at Darden Restaurants.

  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?

Research analysts who have asked questions during TRACTOR SUPPLY CO /DE/ earnings calls.

Michael Lasser

UBS

5 questions for TSCO

Also covers: AAP, ASO, AZO +23 more

Peter Benedict

Robert W. Baird & Co.

5 questions for TSCO

Also covers: ARHS, BJ, COOK +9 more

Steven Forbes

Guggenheim Securities, LLC

5 questions for TSCO

Also covers: AAP, ARHS, AZO +14 more

Karen Short

Melius Research

4 questions for TSCO

Also covers: ACI, BBY, COST +9 more

Peter Keith

Piper Sandler & Co.

4 questions for TSCO

Also covers: ARHS, BBY, BOOT +18 more

Christopher Horvers

JPMorgan Chase & Co.

3 questions for TSCO

Also covers: AAP, ASO, AZO +17 more

Scot Ciccarelli

Truist Securities

3 questions for TSCO

Also covers: AAP, AZO, BBY +12 more

Seth Sigman

Cantor Fitzgerald

3 questions for TSCO

Also covers: AAP, ARHS, AZO +11 more

Zachary Fadem

Wells Fargo

3 questions for TSCO

Also covers: AAP, AZO, CMG +11 more

Charles Grom

Gordon Haskett Research Advisors

2 questions for TSCO

Also covers: BJ, CASY, COST +13 more

Chuck Grom

Gordon Haskett Research Advisors

2 questions for TSCO

Also covers: BJ, CASY, COST +9 more

David Bellinger

Mizuho Securities USA LLC

2 questions for TSCO

Also covers: AZO, CHWY, FIVE +10 more

Simeon Gutman

Morgan Stanley

2 questions for TSCO

Also covers: AAP, ACI, ARHS +32 more

Barath Ratta

JPMorgan Chase & Co.

1 question for TSCO

Charles Cerankosky

Northcoast Research

1 question for TSCO

Also covers: ACI, CASY, COST +5 more

Chris Horvers

JPMorgan Chase & Co.

1 question for TSCO

Also covers: TCS

Chuck Cerankosky

Northcoast Research

1 question for TSCO

Also covers: CASY, KR, SFM +3 more

Josh Young

Truist Securities

1 question for TSCO

Also covers: DG

Katharine McShane

Goldman Sachs Group, Inc.

1 question for TSCO

Also covers: AAP, ASO, BBWI +16 more

Robert Ohmes

Bank of America

1 question for TSCO

Also covers: ACI, ARHS, ASO +17 more

Scott Ciccarelli

Truist Securities

1 question for TSCO

Also covers: AZO

Steven Zaccone

Citigroup

1 question for TSCO

Also covers: AAP, AZO, BBY +13 more

Zach Fadem

Wells Fargo

1 question for TSCO

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
NameStart DateEnd DateReason for Change
Ernst & Young LLP2001 PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

Allivet, Inc.

2024

Tractor Supply's acquisition of Allivet, Inc. was announced on October 24, 2024, and closed on December 30, 2024. The all-cash deal expands its total addressable market by $15 billion and creates a $1 billion revenue opportunity by integrating Allivet's online pet pharmacy platform and distribution centers.

Orscheln Farm and Home, LLC

2022

Completed on October 12, 2022, Tractor Supply acquired 166 stores for approximately $320 million (net purchase price of $238 million after divestitures), expanding its Midwest footprint. The deal was financed with cash-on-hand and borrowings and includes asset divestitures and an estimated $20 million future tax benefit.

Recent press releases and 8-K filings for TSCO.

Tractor Supply details H2 2025 outlook and strategic growth initiatives
·$TSCO
Guidance Update
M&A
New Projects/Investments
  • The consumer remains healthy and resilient, with positive comparable store transactions, mid-single-digit CUE comps, strong big-ticket gains and stable discretionary categories in H1 2025.
  • Tariff-related costs are now flowing into P&L in H2, prompting modest 1–2% price increases with no notable elasticity impact so far.
  • Gross margin improved 30 bps in H1 2025; management expects an additional 5–15 bps expansion in H2, moderating headwinds from lapping distribution center benefits, consumable mix and tariffs.
  • The company is pursuing four “Life Out Here” growth pillars: Allivet pet pharmacy acquisition integration, B2B direct sales, final-mile delivery rollout and 15% store localization.
  • Tractor Supply plans 90+ store openings in 2025 (ramping to 100 in 2026), including 18 Big Lots retrofits, while managing limited cannibalization and exceeding new-store ROI forecasts.
Sep 3, 2025, 2:34 PM
Tractor Supply Co reports Q2 2025 results
·$TSCO
Earnings
Guidance Update
Share Buyback
  • Tractor Supply grew net sales 4.5% to $4.44 B with comparable store sales up 1.5% (transactions +1%, ticket +0.5%), delivering diluted EPS of $0.81 in Q2 2025.
  • Gross margin expanded 31 bps to 36.9%, operating income rose 2.9% to $577.8 M, and net income increased 1.1% to $430 M; inventories ended at $3.1 B to bolster in-stock levels.
  • Returned $196 M to shareholders via dividends and buybacks; full-year repurchase guidance lowered to $325–375 M (from $525–600 M) to support inventory and tariff impacts.
  • Reconfirmed 2025 outlook: net sales growth 4–8%, comp store sales flat to +4%, operating margin 9.5–9.9%, net income $1.07–1.17 B (EPS $2.00–2.18).
Jul 24, 2025, 6:15 PM
Tractor Supply Unveils Strategic Growth Initiatives at 2025 Conference
·$TSCO
New Projects/Investments
Revenue Acceleration/Inflection
M&A
  • Store and Revenue Growth: Tractor Supply Co operates over 2,300 stores and expects revenue to exceed $15 billion, having doubled revenues over the last five years.
  • Strategic Expansion: The company highlighted its Life Out Here 2030 strategy, aiming to drive new store growth (targeting around 90 new stores this year with a goal of 100 annually) and boost comparable sales through initiatives like direct sales and final mile delivery.
  • Enhanced Service Offerings: Through the acquisition of Alivet, Tractor Supply is integrating pet Rx services—part of a broader effort to monetize its extensive customer base, which includes over 40 million Neighbor's Club members.
  • Market Position and Pricing Resilience: The company benefits from a strong rural consumer base, limited tariff impact (with over 60% of products made in the U.S.), and a balanced mix of commodity and big-ticket sales.
Jun 5, 2025, 3:06 PM
Tractor Supply Co Q1 2025 Earnings & Guidance Update
·$TSCO
Earnings
Guidance Update
Share Buyback
Revenue Acceleration/Inflection
  • Q1 2025 Performance: Reported total sales of $3.47B, a 2.1% increase in transactions, and EPS of $0.34
  • Operating Performance: Recorded a decline with operating margin at 7.2%, operating income down 5.3%, and net income dropped 9.5% to $179M
  • Guidance Update: Revised FY2025 outlook now spans a +4% to +8% net sales range with Q2 guidance expecting 3% to 4% growth, amid cost pressures and tariff uncertainties
  • Capital Returns: Executed share repurchases of approximately 1.7 million shares and returned $216.4M to shareholders via repurchases and cash dividends, with dividends increased by 4.5%
  • Seasonal & Operational Impact: Delayed spring weather significantly affected seasonal sales in the South, while strong customer engagement and effective operational rollouts supported core growth
Apr 24, 2025, 2:01 PM