Tractor Supply to expand its footprint, aiming for 3K nationwide
Tractor Supply Company has revealed its plans to expand its store presence, but it has also adjusted its financial outlook for the year. In the second quarter, the company experienced a 7.2% increase in net sales compared to the previous year, reaching $4.18 billion. This growth was primarily attributed to the acquisition of Orscheln Farm and Home, the opening of new stores, and a 2.5% increase in comparable sales.

To facilitate its expansion strategy and leverage its property assets, Tractor Supply aims to implement more leasebacks. This involves selling owned stores and then leasing them back. By doing so, the company can tap into the value of its real estate holdings.

According to Chief Financial Officer Kurt Barton, this move is not a major shift in their approach but rather an execution of their existing real estate philosophy. The sale leaseback strategy aligns well with Tractor Supply’s asset-light model, where they prefer leasing stores instead of owning them. Over the years, the company has accumulated some owned stores, and this presents an opportunity to unlock their value and generate funds to support further expansion plans and enhance the efficiency of their new store models.

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