Tractor Supply's Valuation Remains Compelling, Despite Recent Merchandising Hiccups
Investor confidence for narrow-moat Tractor Supply has waned in recent periods as the company has delivered preliminary results in four of the last five quarters that have fallen short of expectations, plagued consistently by weather, but also by weakness in oil- and agriculture-producing regions. While we think management is taking the appropriate steps to act more nimbly by making seasonal merchandising more dynamic and undertaking processes to improve the merchandising supply chain, it could ...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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