Tractor Supply Co

In February 2023, Hal Lawton, CEO of Tractor Supply Co, the largest farm and ranch retailer in the United States reflected on the company’s 70% growth between 2019 and 2022. Economists had begun to predict an economic downturn and experts were predicting softening consumer demand, which would negatively impact retail sales. Although Lawton acknowledged the prospect of short-term economic headwinds, he believed that structural trends favored Tractor Supply, particularly regarding the habits and interests of Millennials. The company had performed extremely well during the pandemic as people isolated at home, moved to less densely populated areas, and began to embrace the Out Here lifestyle. As the pandemic subsided, experts questioned whether Tractor Supply could continue its torrid pace of growth and whether it could maintain its position as the 4th highest performing stock in the Standard & Poor’s 500 Index, a position it had held since 2000.