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Tractor Supply Co TSCO Stock Quote

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Morningstar‘s Stock Analysis TSCO

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Tractor Supply Expands Footprint, While Strategic Initiatives Continue to Spur Comparable Growth

Jaime M. Katz, CFA Senior Equity Analyst

Business Strategy and Outlook

| Jaime M. Katz, CFA |

Tractor Supply is the largest consumer farm specialty retailer in the United States, set to achieve $14 billion in sales in 2022. The firm has differentiated itself through its products and customer demographics, which provide underlying support to its brand intangible assets and narrow economic moat. At the end of 2021, the store base had grown about 26% over the prior five-year period, to more than 2,000 locations (around 2,200 including Petsense), driving sales and EPS compound annual growth rates over the past three years of 17% and 26%, respectively. We forecast that the firm will grow to around 3,000 stores by 2031 (including Petsense and 81 acquired locations from Orscheln Farm & Home) as it populates big-box centers in the western half of the U.S., with Petsense accounting for about 280 units.

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Business Description

Tractor Supply is the largest operator of retail farm and ranch stores in the United States. The company targets recreational farmers and ranchers and has little exposure to commercial and industrial farm operations. Currently, the company operates 2,108 of its namesake banners in 49 states and 180 Petsense stores. Stores are typically located in towns outside of urban areas and in rural communities. In fiscal 2021, revenue consisted primarily of livestock and pet (47%), hardware, tools, and truck (21%), and seasonal gift and toy (21%).

5401 Virginia Way
Brentwood, TN, 37027
T +1 615 440-4000
Industry Specialty Retail
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 24, 2022
Employees 46,000

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