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Tractor Supply Company
Company typePublic
IndustryRetail
Founded1938;86 years ago(1938),inChicago, Illinois,U.S.
FounderCharles Schmidt
Headquarters
Brentwood, Tennessee
,
U.S.
Number of locations
2,414 (2023)
Area served
49U.S. states[1]
Key people
Hal Lawton(presidentandCEO)
Products
  • Clothing & footwear
  • dog, cat & pet supplies
  • trailers & accessories
  • lawn and garden supplies
  • propane & heating supplies
  • tools & gun safes
  • fencing, welders & welding supplies
  • lawn mowers & power generators
RevenueIncreaseUS$14.6 billion(2023)
IncreaseUS$1.48 billion (2023)
IncreaseUS$1.11 billion (2023)
Total assetsIncreaseUS$9.19 billion (2023)
Total equityIncreaseUS$2.15 billion (2023)
Number of employees
50,000 (2023)
Websitetractorsupply.com
Footnotes / references
[2]

Tractor Supply Company(also known asTSCOorTSC), founded in 1938, is an Americanchainthat sells products forhome improvement,agriculture,lawn andgardenmaintenance,livestock,equineand pet care. It caters to recreational farmers and ranchers, pet owners, and landowners. The company has 2,250 stores and is headquartered inBrentwood, Tennessee.It is publicly traded on theNasdaqunder the ticker symbol TSCO and is aFortune500company.

Entrance of a Tractor Supply Company store
Interior of a Tractor Supply Company store
Interior of a Tractor Supply Company store
Interior of a Tractor Supply Company store inEast Tawas, Michigan.
A Tractor Supply Co. location inSpringboro, Ohio

History[edit]

1938–1998[edit]

Charles Schmidt founded Tractor Supply Company in Chicago in 1938 as a mail-order catalog that soldtractorparts to working farms.[3][4]The first retail store was founded in 1939 inMinot, North Dakota.From 1941 to 1946, the company opened stores inNebraska,MinnesotaandIowa.[3][5][6]

On January 14, 1959, Tractor Supply became publicly traded on the Over-The-Counter Market and reached $10 million in sales.[7][8]The company was later traded on theNew York Stock Exchange.[8]

In 1967, TSC opened its first international stores in Canada.[8]Two years later, Schmidt sold his controlling interest in the company to National Industries.[8]This and other factors, such as changing executive leadership and adding inventory that strayed from its traditional categories, led to a few years of losses for the company.[8]In 1979, the company moved toNashville, Tennessee.[4]In 1982, Tractor Supply put ownership of the company back in the hands of executives and returned to their farm-store niche, resulting in a break-even year.[8]The company was incorporated inDelawarethat year.[8]

On February 17, 1994, the company went public on theNasdaqunder the ticker symbol TSCO.[7]

1998–2003[edit]

Over time, Tractor Supply expanded to also serve hobbyist farmers, such as families living in the suburbs with an interest in gardening and livestock.[3][9]In 2002, the company earned $1.21 billion.[10]

2004–2019[edit]

Just two years later, in 2004, the company reported revenues of more than $1.7 billion andFortunemagazinenamed Tractor Supply to its list of the 100 fastest growing businesses.[11]That year, Tractor Supply moved its headquarters toBrentwood, Tennessee.[12]Jim Wright served as the CEO from 2004 to 2013.[13]He was replaced by Gregory Sandfort.[13]

In 2014, Tractor Supply made it on the Fortune 500 list.[14]On March 31, 2018, the company opened its 1700th store.[7]On September 4, 2018, the company celebrated its 80th anniversary by ringing the closing bell at the NASDAQ Stock Exchange in New York.[7]

2020–present[edit]

TSC's 1,900th store opened in September 2020. By December, the company had 1,923 stores in 49 states.[15]By October 2021, there were 1,967 stores in 49 states.[16]Hal Lawtonbecame CEO in 2020.[3]That year, the company received a Great Place to Work certification.[17]

During theCOVID-19 pandemic,Tractor Supply was deemed an essential business and remained open.[3]The company saw revenue grow 27 percent as more people turned to gardening and pet and livestock ownership.[3][18]That year, it also established the Tractor Supply Company Foundation.[19]

In 2021, Tractor Supply reached #291 on theFortune 500list and had over 20 million members in its loyalty program, Neighbor's Club.[20][3]TSC is the largest retail ranch and farm store operator in the U.S.[21][22]

On Oct 11, 2022, Tractor Supply received clearance from the FTC to close on its acquisition ofOrscheln Farm & Home.[23]In order to mitigate federalanti-trustconcerns, Tractor Supply sold 73 Orscheln stores and the Orscheln distribution center inMoberly, Missouri,toBomgaars,and 12 stores were sold to Missouri-based farm store chain Buchheit.[24]

CEOHal Lawtonwrote anop-edinThe Tennesseanon October 20, 2021, titled "Why businesses should follow Tractor Supply's push for diversity, inclusion, and climate change prevention".[25]The future carbon reduction and DEI goals outlined in the Op-Ed were subsequently eliminated on June 27, 2024.[26]

Products[edit]

Tractor Supply carries between 15,500 and 20,000 products in store, including work and recreational clothing, lawn and garden tools, home goods, fencing, truck beds, chicken coops, pet food, and feed for farm animals.[27][28]Around 15 percent of in-store products are unique to the store's region.[29]Online, the company offers thirteen product categories and sells between 125,000 and 150,000 products.[28]

In 2020, thelivestockandpetproducts category accounted for 47 percent of the company's sales.[30]Two categories tied for second-highest sales with 21 percent each: hardware, tools, truck and towing products; and seasonal products such as lawn and garden equipment, gifts, and toys. They were followed by clothing and footwear with 7 percent and agricultural products with 4 percent of sales.[30]Tractor Supply's exclusive brands represented 29 percent of their total sales in 2021.[31]

Exclusive brands[edit]

Tractor Supply's exclusive brands include:[32][33][34][31]

  • 4health[35]
  • Red Shed
  • CountyLine
  • Retriever
  • Ridgecut[36][37]
  • Blue Mountain[36]
  • American Farm Works
  • Barn Star
  • Bit & Bridle
  • C.E. Schmidt Workwear
  • Red Stone
  • Producer's Pride
  • Job Smart
  • Paws & Claws
  • Traveller
  • Treeline
  • Pet Vet Clinic[38]
  • Tractor Supply Co Rx

Operation[edit]

Marketing[edit]

Tractor Supply's mission statement is: "To work hard, have fun and make money by providing legendary service and great products at everyday low prices."[39]In the mid-2000s, Tractor Supply conductedadvertisingcampaigns featuring theslogan"The Stuff You Need Out Here."[11]The company's tagline later became “For Life Out Here.”[8]

From 1998 to 2002,George Straitwas the spokesman for Tractor Supply.[10]

In 2020, Tractor Supply was a sponsor of theNBA.[40]In 2021, the company became a corporate sponsor ofPBR.[41]

Distribution centers[edit]

Tractor Supply has ten distribution centers:

Corporate affairs[edit]

Philanthropy[edit]

The company has been a sponsor for4-Hsince 2010.[42]In the fall of 2021, Tractor Supply raised $1.3 million for 4-H members through their Paper Clover campaign.[43]In 2016, the company started its Grants for Growing program to raise money forFFAstudents.[44]In 2021, the company raised $790,269.[44]

In 2019, Tractor Supply started working with the MuttNation Foundation, a nonprofit founded byMiranda Lambertthat helps shelter pets. The foundation is supported by proceeds from MuttNation's line of pet products sold by Tractor Supply.[45][46][47]

In 2020, Tractor Supply joined Land O'Lakes, Microsoft and others in the American Connection Project to support rural broadband access.[48][49]

Environmental initiatives[edit]

In 2017, all TSC stores were outfitted with LED lighting.[50]In 2021, the company was named to Investor Business Daily's 100 Best ESG Companies.[51]In December 2021, the company joined theU.S. Environmental Protection Agency’sGreen Power Partnership.[52]TSC has committed to net zero carbon emissions by 2040.[53]

Withdrawal of DEI, LGBTQ, and carbon emissions initiatives[edit]

On June 27, 2024, TSC issued a news release stating that they were abandoning a range ofLGBTQ,DEI,and environmental initiatives. It stated that it would no longer submit data toHuman Rights Campaign,an LGBTQ civil rights advocacy group that had previously given it perfect marks in its 2022 Best Places to Work Corporate Equality Index, and would no longer sponsorpride festivals.It also eliminated internal DEI roles and abandoned its DEI goals to improve employee diversity. TSC also gave up its plan to reach net zero carbon emissions by 2040. The company said that the changes were made to better represent the values of its customers who it alleges were upset by its previous policy stances.[26][54]

Acquisitions and subsidiaries[edit]

In 2002, Tractor Supply was part of a group (also including four liquidation firms) that purchased some of theleasesof the bankrupt Quality Stores, Inc.,[55]aMichigan-based company. The company operated over 300 stores in 30 states under the names CT Farm & Country; Country General; Quality Farm & Fleet; County Post; Central Farm and Fleet, and FISCO. In September 2016, Tractor Supply acquired Petsense, LLC, a small-box specialty retailer of pet supplies primarily located in small and mid-size communities.[56]In February 2021, the company announced that it would acquireOrscheln Farm & Homefor $297 million.[57]

Tractor Supply also owns Del's Feed & Farm Supply, a former farm retail chain in thePacific NorthwestandHawaii,[58]with all but two Del's stores having been converted into Tractor Supply stores.[59]

Maternity litigation[edit]

A lawsuit filed against the company by former employee Melissa Douglas claims the company violated theAmericans with Disabilities Actwhen it refused to offer her modified work duties while she was pregnant.[60]The lawsuit was dismissed after a notice of settlement was filed.[61]

TSC Stores L.P. (Canada)[edit]

In November 1966, TSC opened its first Canadian location inLondon, Ontario.The Canadian stores have not been affiliated with the U.S. operation of TSC since 1987, when the American parent company sold these locations to Toronto-based Birch Hill Equity Partners. In July 2016,Peavey Martacquired a controlling stake in TSC, and later acquired the company outright. The company subsequently converted TSC's Canadian stores to the Peavey Mart banner.[62][63][64]

References[edit]

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  2. ^"2023 Annual Report (Form 10-K)".U.S. Securities and Exchange Commission. February 23, 2024.
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  7. ^abcd"Tractor Supply celebrates 80th anniversary with Nasdaq closing bell".Beef Magazine.2018-09-05.Retrieved2021-12-29.
  8. ^abcdefgh"A 360-Degree View of Tractor Supply Company".Hardware Retailing.2015-05-27.Retrieved2021-10-25.
  9. ^Hanbury, Mary."Millennials ditching cities for the US countryside are boosting sales at rural businesses, the CEO of a $22 billion agriculture retailer says".Business Insider.Retrieved2021-10-30.
  10. ^abFox, David A. (24 January 2003)."Tractor Supply 4th-qtr. results up; Goodbye to spokesman George and other conference call notes".Nashville Post.Retrieved2021-10-25.
  11. ^abRhoades, Emily B.; Irani, Tracy (2008).""The Stuff You Need Out Here": A Semiotic CaseStudy Analysis of an Agricultural Company's Advertisements ".Journal of Applied Communication Research.RetrievedJune 24,2019.
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  24. ^"Acquisition makes Bomgaars second largest farm retailer in U.S."AgriNews/The Associated Press.October 31, 2022.RetrievedOctober 31,2022.
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  48. ^Oprysko, Caitlin (2 July 2021)."Why a butter company is lobbying on broadband access".POLITICO.Retrieved2022-02-07.
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  50. ^"Tractor Supply goes all in for LEDs".Chain Store Age.2018-05-25.Retrieved2022-01-28.
  51. ^"Who Joins Nvidia, Apple On List Of The 100 Best ESG Stocks?".Investor's Business Daily.2021-11-10.Retrieved2022-03-06.
  52. ^Carlo, Andy (2021-12-09)."Tractor Supply's growing green power efforts".HBS Dealer.Retrieved2022-02-20.
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  56. ^"Tractor Supply Company Announces Acquisition of Petsense, a Growth-Oriented Pet Specialty Retailer With 136 Stores".Yahoo! Finance.September 29, 2016.RetrievedJune 24,2019.
  57. ^Garcia, Tonya (February 17, 2021)."Tractor Supply acquires Orscheln Farm and Home in $297M cash transaction".MarketWatch.RetrievedFebruary 20,2021.
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  64. ^"Cornwall TSC Stores to become Peavey Mart".Cornwall Newswatch.Retrieved2021-12-19.

Further reading[edit]

  • Eddy, Nelson (2004).Work hard, have fun, make money: the Tractor Supply story.Brentwood, Tenn.: Tractor Supply Co.ISBN0976106604.

External links[edit]

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