Tractor Supply Co. Inc, Brentwood, TN
Company: Tractor Supply Co. Inc, Brentwood, TN
Entry Submitted By: ICR Communications
Company Description: Tractor Supply Company is the largest retail farm and ranch store chain in the United States. The company operates more than 1,085 retail stores in 44 states, employs more than 15,000 team members and is headquartered in Brentwood, Tenn. Its stock is traded on the NASDAQ exchange under the symbol “TSCO.”
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Retail
Nomination Title: Tractor Supply Co. Inc.
Tell the story about what this nominated organization achieved since January 1 2013 (up to 525 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:
Tractor Supply Company, founded in 1938 as a mail order catalog business offering tractor parts to America’s family farmers, is today a leading edge retailer with revenues of approximately $4 billion. As of Mar 29, 2014, the company operated a total of 1,308 stores in 48 states. Their loyal customers describe Tractor Supply as “a store you can trust.”
Tractor Supply's private-label products serve a niche customer segment of ranchers, tradesmen, and recreational farmers. Based upon the strong sales of their exclusive products, the company plans to expand its pet food line and its C.E. Schmidt brand of blue-collar workwear.
In the last year, Tractor Supply continued impressive growth with new stores and improved product offerings. They expect to open 102 to 106 new stores in 2014, and had successfully opened 32 new stores as of the end of the first quarter of 2014. Tractor Supply has implemented a multiyear, multibillion-dollar investment plan, focusing primarily on the expansion of stores throughout the United States, with a goal to increase store counts at a rate of nearly 10% per year for the next several years.
"After successfully entering Colorado in 2013 and Arizona earlier this year, we will continue to develop our store base in this region, as we are committed to being the most dependable supplier of basic maintenance products to farm, ranch and rural customers," said CEO Greg Sandfort.
Tractor Supply also partnered with GRIT magazine to produce a new show, "Tough GRIT" on RFD-TV. Tractor Supply store managers from across the country offer advice, project solutions and inspiration for a multitude of DIY projects.
In an effort to promote the values and industries that make up 4-H programs, Tractor Supply raised more than $3.2 million for 4-H programs across the country through the Paper Clover Campaigns over the last four years.
Tractor Supply topped Wall Street's expectations on both its top and bottom lines for the fiscal fourth quarter, thanks to a highly diversified and largely evergreen product portfolio, which produced a solid 3.5% uptick in same-store sales.
The margin for Tractor Supply Company increased 110 basis points to 33.5% in 2013 as a result of initiatives around price management, markdown management and strategic sourcing. Import purchases represented a mere 11.3% of sales, branding Tractor Supply Company as a valued American business proudly promoting American products. Exclusive brand sales increased over 13.5% compared to last year's Q1 and were almost 33% of sales.
Net sales in the first quarter of 2014 improved 9% year over year. “We are pleased with our overall first quarter results, which we believe demonstrate the underlying strength of our core business and our ability to manage through challenging weather conditions...” "We are committed to driving long-term shareholder value through a balanced strategic approach to managing growth, cash flow and capital allocation," said Greg Sandfort….“We continued to gain market share by offering our customers a one-stop shop for their everyday basic needs.
Our teams continue to work diligently to adjust timing of shipments, depth of inventory and marketing cadence by region to insure we are well-positioned to capitalize on the spring selling season as temperatures normalize.”
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Provide a brief (up to 125 words) biography about the leader of this nominated organization:
Mr. Gregory A. Sandfort has been President at Tractor Supply Company since 2/2009 and its CEO since 1/1/2013. Mr. Sandfort served as the COO at Tractor Supply Company from 2/15/2012-1/1/2013. He served as the CMO of Tractor Supply Company from 11/2007-2/2012 and as Executive VP of Tractor Supply Company since 11/2007. Mr. Sandfort was the Co-President and COO of Michaels Stores Inc. since 3/15/2006. He was Co-Principal Executive Officer of Michaels Stores Inc. and served as its Executive VP and General Merchandise Manager from 1/27/2004 to 3/15/2006. Mr. Sandfort has 27 years of industry experience at retailers including Federated Department Stores and Sears Roebuck and Company. Mr. Sandfort studied Business Administration and Economics at the University of Louisville.