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.