Tractor Supply Delivers Solid Close to 2016, But Operating Margin Expansion Remains Elusive in 2017
Narrow moat Tractor Supply closed the door on a difficult 2016 plagued by weather, weak oil and agricultural demand and a cautious consumer, delivering decent results in the fourth quarter, thanks to better inventory management. While the acquisition of Petsense has pushed the company’s 2017 revenue outlook ahead of our prior forecast (with Tractor Supply seeking revenue of $7.22 billion-$7.29 billion versus our forecast for $7.21 billion), it appears the operating margin will remain under press...Tractor Supply is a rural lifestyle retailer. The company is focused on supplying the needs of recreational farmers, ranchers and all those who enjoy living the rural lifestyle, as well as tradesmen and small businesses. The company operates retail stores under the names Tractor Supply Company, Del's Feed & Farm Supply, and Petsense and operates websites under the names TractorSupply.com and Petsense.com. The company's selection of merchandise is comprised of the following main product categories: equine, livestock, pet, and small animal products; hardware, truck, towing, and tool products; seasonal products; work/recreational clothing and footwear; and maintenance products for agricultural and rural use.
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