The filing states that the company opened 80 new Tractor Supply stores and 11 new Petsense stores. This demonstrates a continued focus on expanding the company's physical presence.

The company is focused on the 'Out Here' lifestyle and is creating customer loyalty through personalized experiences, Neighbor's Club loyalty program and providing convenience. This is part of their long-term growth strategy.

The company may, from time to time, acquire businesses they believe to be complementary to their business, such as the acquisition of Allivet. This demonstrates a strategy of expanding through acquisitions.

The company continues to make significant technology investments in the supply chain to streamline distribution and optimize the delivery of goods and services. These initiatives are designed to improve efficiency.

The company is focused on space productivity and Side Lot improvements to include Garden Centers in certain existing stores. The company is also continuing improvements in technology and infrastructure at existing stores.

The company is committed to a continuous improvement program to drive change throughout the organization. Using data analytics and team member engagement, they examine business processes and identify opportunities to reduce costs, drive innovation, and improve effectiveness.

The company states that unseasonal and extreme weather conditions, natural disasters, and climate change may have a significant impact on their financial condition and results of operations.

The company states that any failure to maintain the security of the information relating to their business, customers, team members, and vendors that they hold, whether as a result of cybersecurity attacks or otherwise, could damage their reputation and materially affect their results of operations.

The company faces risks associated with vendors from whom their products are sourced. This reliance exposes them to the risk of inadequate and untimely supplies of various products due to political, economic, social, global health, or environmental conditions.

The company operates in a competitive retail industry. They compete with general merchandise retailers, home center retailers, pet retailers, specialty and discount retailers, independently-owned retail farm and ranch stores, numerous privately-held regional farm store chains, and farm cooperatives, as well as internet-based retailers.

The company's success depends in part on the value and strength of the Tractor Supply name, including their exclusive brands. Maintaining, promoting, and positioning their brand will depend largely on the success of their marketing and merchandising efforts and their ability to provide high quality merchandise and a consistent, high quality customer experience.

The company experiences fluctuations in their comparable store sales at their existing stores, defined as sales in stores which have been open for at least twelve months. Various factors affect the comparable store sales at their existing stores, including, among others, the general retail sales environment, their ability to efficiently source and distribute products, global supply chain disruptions, changes in their merchandise assortment, competition, proximity of their locations to one another or to the locations of other competing retailers, increased presence of online retailers, current economic conditions, customer satisfaction with their products, retail pricing, the timing of promotional events, the release of new merchandise, the success of marketing programs, weather conditions, and their ability to attract and retain qualified team members.

Gross profit increased 3.2% to $5.40 billion in fiscal 2024 compared to $5.23 billion in fiscal 2023. As a percent of net sales, gross margin increased 34 basis points to 36.3% for fiscal 2024 compared to 35.9% for fiscal 2023. The gross margin rate increase was primarily attributable to lower transportation costs along with disciplined product cost management and the continued execution of an everyday low price strategy.

Total selling, general and administrative (“SG&A”) expenses, including depreciation and amortization, increased 4.8% to $3.93 billion in fiscal 2024 from $3.75 billion in fiscal 2023. As a percent of net sales, SG&A expenses increased 63 basis points to 26.4% from 25.8%. The increase in SG&A as a percentage of net sales was primarily attributable to the Company's planned growth investments, which included higher depreciation and amortization and the onboarding of a new distribution center, as well as modest deleverage of the Company's fixed costs given the level of comparable store sales growth.

The company maintains a network of distribution facilities and have plans to build new distribution facilities and expand existing facilities to support their long-term strategic growth initiatives.

The company continues to invest in technology to support store, online, and distribution facility expansion and their long-term strategic growth initiatives focused heavily on improving the customer experience across all channels.

The company will continue to evaluate the use of emerging technologies to improve productivity such as robotics, robotic process automation, quantum computing and other technologies.

The company's long-term growth strategy is to evolve customer experiences by digitizing their business processes and furthering their Digital capabilities.

On February 12, 2025 the Company's Board of Directors authorized a $1.00 billion increase to the existing share repurchase program, bringing the total amount authorized to date under the program to $7.50 billion.

On February 12, 2025, the Company's Board of Directors declared a quarterly cash dividend of $0.23 per share of the Company's outstanding common stock.

Our projected capital expenditures, net of sale leaseback proceeds, for fiscal 2025 are currently estimated to be in a range of approximately $650.0 million to $725.0 million. The capital expenditures include a plan to open approximately 90 Tractor Supply stores, continuing Project Fusion remodels and side lot garden center transformations, and opening approximately 10 new Petsense by Tractor Supply stores.

The company is committed to complying with all applicable environmental laws and regulations. They are also committed to becoming a more environmentally sustainable company, including through promoting land and water conservation efforts.

This commitment is demonstrated through their Stewardship Program, which is comprised of environmental and sustainability-related initiatives designed to lessen their environmental footprint. These include the installation of energy management systems, LED lighting conversion, high efficiency heating/air conditioning systems; recycling programs in their stores, distribution centers and Store Support Center; and the installation of rooftop solar arrays.

In mid-2024, the company made the decision to retire their 2021 GHG emissions reduction goals and focus on land and water initiatives as they thoughtfully analyze a science-based climate goal under SBTi. Understanding they have a responsibility to be respectful of the resources they consume, they are focused on making their operations as efficient as possible.

The company's results of operations may be sensitive to changes in overall economic conditions that impact consumer spending, including discretionary spending.

The company is subject to market risk with respect to the pricing of certain products and services, which include, among other items, grain, corn, steel, petroleum, cotton, and other commodities, as well as duties, tariffs, diesel fuel, and transportation services.

The company operates in the highly competitive retail merchandise sector with numerous competitors. These competitors include general merchandise retailers, home center retailers, pet retailers, specialty and discount retailers, independently-owned retail farm and ranch stores, numerous privately-held regional farm store chains, and farm cooperatives, as well as internet-based retailers. They compete for customers, merchandise, real estate locations, and team members.