Ongoing brand investment strengthens Tractor Supply’s positioning, supporting its wide trench

Tractor Supply is the largest specialty farm consumables retailer in the United States, surpassing $14.5 billion in sales in fiscal 2023. The company has differentiated itself through its products and customer demographics, which provide underlying support for its brand’s intangible assets and broad financial moat. By the end of 2023, the store base had grown by about 24% over the previous five-year period to more than 2,400 locations, including 81 acquired locations from Orscheln and Petsense, driving sales and EPS average annual growth rates over the past three years of 11, respectively % and 14%. We predict the company will grow to over 3,350 stores by 2033 as it populates big-box centers in the western half of the US, with Petsense accounting for about 300 units.