Weak Oil Patch Demand Weighs on Tractor Supply Results; Shares Undervalued
Narrow moat-rated Tractor Supply continues to experience weakness from its consumer base exposed to the energy and agricultural arenas. That said, it seems other parts of the market (including the Southeast and West regions which have been performing well) have not degraded, and the company has held its prior guidance firm for the remainder of the year. We plan to update our model to incorporate recent results as well as the incremental locations (136) the company acquired through the acquisitio...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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