Several forces worked in Tractor Supply’s favor in the first quarter — some fleeting, like the government’s pandemic relief to consumers and good weather, and others possibly longer lasting, like millennials’ migration to the suburbs and rising pet adoption. But it’s also benefiting from advantages largely of its own making, several analysts said.
“Tractor Supply continues to dominate in rural America,” Telsey Advisory Group analyst Joseph Feldman said in emailed comments. “The company’s high mix of essentials (over 50% of sales) and robust strategic initiatives … should continue to fuel growth and market share gains. Tractor Supply’s growth remains among the most consistent in our hardlines retail group.”
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