Tractor Supply highlights the growth potential of its pet business

Tractor Supply highlights the growth potential of its pet business

The American rural lifestyle retailer posted an increase in sales of 2.2% in 2024.

Tractor Supply ended 2024 with sales amounting to $14.8 billion (€14.2B), an increase from $14.5 billion (€13.9B) in 2023. Net income decreased by 0.5% to $1.1 billion (€1.1B) in 2024, reflecting a similar trend in operating income, which fell by 0.8%.

The retailer opened 11 new Petsense by Tractor Supply stores and closed 3 locations, bringing the total number to 198.

CEO Hal Lawton acknowledged that continued growth in market share persisted despite a “challenging” retail environment. “The fundamentals of our business remain strong with ongoing market share gains, record Neighbor’s Club members, digital sales in excess of one billion dollars and high-return new store openings.”

Lawton also pointed out the recent acquisition of online pet pharmacy player Allivet as a “great example of unlocking new opportunities for growth.”

Q4 insights

The Tennessee-headquartered company posted $3.8 billion (€3.6B) in sales in Q4 2024, an increase of 3.1% against the same period in 2023.

According to the company, the increase was driven by new store openings and growth in comparable store sales, which rose 0.6% compared to the previous year’s fourth quarter.

Outlook

Tractor Supply expects to finish 2025 with a sales growth of between 5% and 7% and a net income between $1.1 billion (€1.1B) and $1.2 billion (€1.2B).

It also predicts that comparable store sales will rise between 1% and 3%.

“We expect our 2025 comparable store sales to improve throughout the year as the macro headwinds impacting our business abate,” concludes Lawton.