Tractor Supply lately has been the beneficiary of several trends outside its control, including a U.S. population drift into more rural areas, a lasting tendency to spend money on one’s own home and growing pet adoption.
“Overall, Tractor Supply continues to execute at a high level (and better than expected), dominating in rural America,” Telsey analysts led by Joseph Feldman said in emailed comments. “The company’s high mix of essentials (over 50% of sales) and robust strategic initiatives —1) the addition of side lot lawn & garden centers; 2) a more comprehensive store remodel program; 3) an increased focus on pets; 4) expanded omni-channel capabilities; and 5) growth of the loyalty program — should continue to fuel growth and market share gains.”
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