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2018 Annual Report CELEBRATING 80 YEARS of LIFE out HERE About Tractor Supply

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2018 Annual Report CELEBRATING 80 YEARS of LIFE out HERE About Tractor Supply 2018 Annual Report CELEBRATING 80 YEARS OF LIFE OUT HERE About Tractor Supply Tractor Supply is the largest rural Our Focus lifestyle retailer in the United States. At December 29, 2018, the Company operated Tractor Supply is focused on being the 1,940 stores in 49 states, including 1,765 most dependable supplier of relevant Tractor Supply stores and 175 Petsense pet products and services for the lifestyle specialty stores and e-commerce websites needs of recreational farmers and ranchers at TractorSupply.com and Petsense.com. and all others who live the rural lifestyle. Tractor Supply customers are home, Our Mission land, pet and livestock owners that live a conservative and self-reliant lifestyle. They and Values depend on us to have the products they need for Life Out Here. Our mission is to work hard, have fun and make money by providing legendary service Our ONETractor Strategy is designed to and great products at everyday low prices. provide a convenient shopping experience anytime, anywhere and any way our This mission is supported by a key set of customers choose. To learn more or values – ethics, respect, balance, winning shop online, visit TractorSupply.com attitude, communication, development, and Petsense.com. teamwork, change, initiative and accountability – that are the foundation of our culture and the guiding principles for how we conduct business. Message from Our CEO GREG SANDFORT CHIEF EXECUTIVE OFFICER To Our Stakeholders, depend on Tractor Supply for their everyday and quarterly cash dividends. 2018 basic needs in living the rural lifestyle. marked the eighth consecutive year we As we celebrated our 80th anniversary in Additionally, Tractor Supply’s Stewardship increased our quarterly cash dividend 2018, Tractor Supply has grown from a Program has been a natural extension of for shareholders. mail order catalog business offering tractor our overall growth, and we are honored to parts to America’s family farmers to become have been recognized by Barron’s list of the OPERATIONAL HIGHLIGHTS In terms of operational highlights for 2018, the largest farm and ranch retailer in the 100 Most Sustainable Companies for our we continued to strengthen and leverage country. Our passionate commitment sustainability efforts. to our customers, team members and our competitive advantages: communities, as well as our shareholders, In 2018, we delivered solid financial results: • Opened 80 new Tractor Supply stores is the foundation of our profitable growth. and 18 Petsense locations, increasing I doubt that when our company was • Net sales increased by 9.0% to reach a our selling square footage by about 5%. founded in 1938 anyone could have record $7.9 billion. imagined that 80 years later, Tractor Supply • Comparable store sales increased 5.1% for • Substantially completed construction of would be serving customers in more than the year, with both transaction count and our new distribution center in Frankfort, 1,700 stores in 49 states - and still growing! average ticket increasing. This was our NY, to support our store expansion in best annual comparable store sales growth the Northeast Corridor of the country, Reflecting on 2018, there is much to in six years. For 42 out of 43 quarters, with operations beginning in 2019. celebrate. Our Tractor Supply team our customer transaction count has • Added two additional mixing centers, executed well across store operations, been positive. as well as an East Coast import center merchandising, supply chain and store • Diluted EPS was $4.31, representing to shorten replenishment lead-times design and layout. Our teams did a great growth of 30.6%. by improving the flow of direct job of developing and executing plans that import inventory. • We generated cash from operations resonated with our customers and that • Enhanced our Buy Online, Pickup of $694 million, while returning were seasonally relevant, which continued In-Store capability. to drive increases in our transactions and $497 million to shareholders through average ticket. We know our customers the combination of share repurchases 2018 Annual Report 1 Message from Our CEO • Expanded our Stockyard in-store kiosk We believe that we are uniquely positioned to nearly 600 stores, which offers to address the needs of our customer base immediate in-store access to our better than anyone in this fragmented online inventory of products, which market, and we see significant opportunities is another way that we are offering to broaden our customer reach and a retail experience that is relevant increase our market share as our store base for our customers and goes beyond and digital capabilities expand over time. “e-commerce” alone. • Added Mobile Point of Sale technologies OUR ONETRACTOR STRATEGY across nearly 400 stores. At Tractor Supply, we are committed to growing our business by being the most • Significantly exceeded our Neighbor’s dependable supplier of relevant products Club Loyalty Program membership and services for the rural lifestyle, creating growth goals. customer loyalty through personalized • Relaunched our Private Label Credit experiences and providing convenience Card with an improved consumer for Life Out Here – anytime, anywhere value proposition. and in any way our customer chooses. • Continued to invest in our digital Our ONETractor Strategy is designed capabilities, which had increased traffic to allow us to exceed the ever-evolving and conversion. Our online sales, once expectations of our customers, positioning again, grew strong double-digits for us for growth to generate increased the year. shareholder value for the long term. 19 21 4 21 6 14 7 3 13 20 2 3 5 9 23 82 1 8 87 4 17 17 9 97 1 4 56 65 92 19 14 1 19 5 1 22 21 26 5 28 1 56 3 60 22 3 10 4 79 77 20 32 19 21 44 30 11 38 1,765 7 TRACTOR SUPPLY STORES 2 68 8 6 30 51 18 43 196 10 7 10 175 16 2 PETSENSE STORES 63 STORE COUNT INCREASE OF 2 127% OVER 10 YEARS 2 Tractor Supply Company Message from Our CEO Our Performance We are the largest rural lifestyle retailer in the United States, and each day we strive to provide our customers with legendary customer service, in-store and online. Record 10+ years of net sales comparable store transaction count increases NET SALES COMPARABLE STORE SALES INCREASE $7.9 BILLION 5.1% 7.3 6.8 6.2 5.7 3.8 3.1 2.7 Our ONETractor Strategy initiatives are clearly aligned around four key objectives and the 1.6 foundation of team member engagement and operational efficiency: Driving profitable growth: Our goal is to Building customer-centric engagement: 14 15 16 17 18 14 15 16 17 18 grow profitability through comparable To build customer-centric engagement store sales, new store openings and the by leveraging analytics to deliver expansion of online shopping. legendary customer service, seasoned $694 million 8th consecutive advice and personalized experiences. cash from operations year of increased Offering relevant products and services: Enhancing our core and foundational dividends Our goal is to continue to be the infrastructure capabilities: We are dependable supplier that our customers investing in infrastructure and process NET INCOME PER CASH RETURNED can count on, by offering relevant improvements which will support growth, DILUTED SHARE TO SHAREHOLDERS products and services across all channels scale, innovation and agility while $4.31 $497 through exclusive and national brands, improving the customer experience. MILLION and continue to introduce new products through our test and learn strategy. 503 454 383 396 3.27 3.30 We believe the continued convergence money by providing legendary service and 3.00 2.66 of our physical and digital storefronts great products at everyday low prices.” and updates to our in-store and online This mission is supported by a key set of shopping experience are resonating with values – ethics, respect, balance, winning our customers. attitude, communication, development, 14 15 16 17 18 14 15 16 17 18 teamwork, change, initiative and We will continue to take a balanced accountability – that are the foundation approach of managing the business, of our culture and the guiding principles SALES BY CATEGORY IN 2018 keeping the long term in focus. In 2019, for how we conduct our business. These our capital spending is allocated across new mission and values are truly the “secret stores, store-level initiatives, information sauce” to Tractor Supply’s 80 years of 8% 4% technology projects and our supply chain. tremendous success and bright future! CLOTHING & AGRICULTURE 47% In 2019, we plan to open approximately FOOTWEAR LIVESTOCK 80 Tractor Supply stores and about 10 to 15 To our team members, thank you for & PET 19% Petsense stores. what you do every day for our customers, SEASONAL, our communities and each other. To our GIFT CELEBRATING 80 YEARS OF LIFE shareholders and other stakeholders, & TOY thank you for your continued support OUT HERE and the confidence you have placed in Throughout our 80-year history, Tractor Supply. 22% Tractor Supply has been able to trace our HARDWARE, business principles back to a set of mission TOOLS & TRUCK and values that motivate and inspire team members and give the organization a unified focus for the future. Each day, Gregory A. Sandfort Tractor Supply’s 29,000+ team members CHIEF EXECUTIVE OFFICER strive to “work hard, have fun and make 2018 Annual Report 3 Our ONETractor Strategy We Are Guided by Our Strategic Goals Our Goals in Action How We Meet Our Our Foundational Customers’ Needs Strengths TEAM MEMBER ENGAGEMENT DRIVING PROFITABLE GROWTH BUILDING CUSTOMER-CENTRIC
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