tsco 2019 investment community day - website...the company claims the protection of the safe-harbor...

May 15, 2019

Mary Winn Pilkington

Vice President,Investor and Public Relations

Agenda

Our Evolution and Results Greg Sandfort, Chief Executive Officer

Advancing Our ONETractor Strategy Steve Barbarick, President & Chief Operating Officer

Enabling Our Future Growth Rob Mills, EVP - Chief Technology, Digital Commerce & Strategy Officer

BreakCustomer First Panel: Seth Estep, SVP - General Merchandising Manager

Christi Korzekwa, SVP - MarketingJohn Ordus, SVP - Store OperationsColin Yankee, SVP - Supply Chain

Delivering Profit Improvement and OurLong-Term Financial Outlook Kurt Barton, EVP - CFO & Treasurer

Wrap-Up Greg Sandfort, Chief Executive Officer

Q & A / Box Lunch Depart for Store Tour

The Company claims the protection of the safe-harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.The information in this presentation contains certain forward-looking statements. These statements discuss, among other things, expectations with respect to sales, earnings, store growth, capital expenses, margins, debt, payment of dividends and stock repurchases. These forward-looking statements are based on estimates, projections, beliefs and assumptions, and may be affected by risks or uncertainties including, but not limited to, competition, product demand, economic conditions, the ability to open new stores, the effectiveness of merchandising and marketing initiatives, the ability to realize operational efficiencies, inflation, consumer debt levels, governmental approvals, ability to hire and retain qualified employees, weather, the imposition of tariffs on imported products, etc. The Company intends these forward-looking statements to speak only as of the time of the presentation and does not undertake any obligation to update or revise them after the date hereof or as more information becomes available.Actual results may differ materially from anticipated results described in these forward-looking statements. As a result, all of the forward-looking statements made are qualified by these cautionary statements and those contained in the Risk Factors section of the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission.

Safe Harbor Statement

Greg SandfortChief Executive Officer

Our Evolution and Results

The Largest Rural Lifestyle Retailer

Only National Farm and Ranch Chain Tailored to Local

Community

Tractor Supply is Unlike Any Other Retailer: We Serve a Lifestyle

The Power of Our Mission and Values

Serving the Out Here Lifestyle


Demographics Characteristics Hard Working

Family Focused

Genuine

Compassionate

Resourceful

Neighborly

Value a Sustainable Lifestyle

60/40 Male/Female

68%35 – 64

Years Old

Middle Income

Home Owners/

Land Owners

Average Household:

Married with Children


Stewardship: Process of Continuous Improvement to Be More Efficient, Eliminate Waste and Reduce Impact on the Environment

Our Evolution

Enhancing Our Core & Foundational

Capabilities

Building Customer-Centric

Engagement

Driving Profitable

Growth

Offering Relevant Products & Services

ANYTIME, ANYWHERE and in ANYWAY Our Customers Choose

Our ONETractor Strategy

Operational EfficiencyTeam Member Engagement

Supply Chain Sophistication

Convenience Through Location and Services

Unique Product Assortment Across Channels

Knowledgeable Team Members

Our Competitive Strengths

Legendary Customer Service

Everyday Low Pricing

10 Year CAGR = 8.4% 10 Year CAGR = 10.1%

903

1,940

2,030

2009 2018 2019F

PetsenseTSC

$3.2

$7.9

$8.31 to $8.46

2009 2018 2019F

($ in billions)

New Store Growth

Strong Track Record of Results

A Decade of Driving

Traffic 43 of 44 Quarters of Positive

Comparisons

Consistent Traffic GrowthProfitable Sales


10 Year CAGR = 19.5%

$0.79

$4.31

$4.60 to $4.75

2009 2018 2019F

Strong EPS Growth Cash Returned to Shareholders

$15 $59

$211

$323

$198

$383 $396 $454

$503 $497 $550

Dividends Repurchases of Common Stock

~

Incremental $1.5B Share Repurchase and 12.9% Dividend Increase in May 2019

($ in millions)

Healthy Customer BaseHighly Fragmented Sector, Categories and TripsAbility to Capitalize on Local Relevance Consumer-Centric and Agile MindsetAccelerating Capabilities through Technology and TrainingContinued New Store Openings

Market Share Opportunities

1. New Store Growth

3. Services

Petsense Strategic Priorities

2. Products

4. CustomerEngagement

Petsense Roadmap

2017 2018 2019 & Beyond

Understand Potential and Developed Long-Term Strategy

Began Integration

Move Headquarters to Brentwood

Leverage TSC Capabilities

Begin to Scale Growth

Complete Integration

Built New Real Estate Model

Developed New Store Layout

Established New Processes

Focused on Market Research

Enhanced Talent

In Progress:

Petsense: New Store Layout

Previous Store Decor

Petsense: New Store Layout

New Store Decor

Petsense: New Store Opportunities

10 to 15

20 to 25

40 to 50per Year

2019F 2020T Long-Term Target

Experienced Management Team WithA Strong Track Record

Name Years in Retail/TSC Tenure

Title Prior Experience

Greg Sandfort 41 / 11 CEO Michaels, Sears, Federated

Steve Barbarick 27 / 21 President & COO Builders Square, ALCO

Kurt Barton 19 / 19 EVP, CFO & Treasurer Ernst & Young

Rob Mills 19 / 5 EVP, Chief Technology, Digital Commerce & Strategy Officer

Ulta, Sears, Allstate, Rockwell Automation, HSBC

Ben Parrish 8 / 8 EVP, General Counsel & Corporate Secretary MV Transportation, Central Parking Corp.

Steve Neibergall 42 / 5 President, Petsense Safeway, AJ Bayless

Seth Estep 13 / 13 SVP, General Merchandising Mgr. BB&T

Chad Frazell 28 / 4 SVP, Human Resources Walmart, Target, Kohl’s, Shopko

Christi Korzekwa 15 / 7 SVP, Marketing Home Depot, American Airlines

John Ordus 25 / 21 SVP, Store Operations Quality Farm & Fleet

Colin Yankee 16 / 3 SVP, Supply Chain Target, Neiman Marcus, US Army

Steve BarbarickPresident &

Chief Operating Officer


Advancing Our ONETractor Strategy

Driving Profitable Growth


Building Customer-Centric Engagement

Enhancing Our Core & Foundational Capabilities

Operational EfficiencyTeam Member Engagement

Comparable Store Sales Tractor Supply Store Growth Petsense Store Growth Online Growth

Personalization Relationship Marketing Supporting the Lifestyle

Product Assortment In-Store Experience Services

Supply Chain Efficiencies & Infrastructure Leverage Analytics Online Enhancements

ANYTIME, ANYWHERE and in ANYWAY Our Customers Choose


Product Assortments

• Consumables• Innovation & Differentiation • Localization• Exclusive Brands• Online Endless Aisle

In-Store Experience

• Drive Aisle Merchandising• Extended Aisle through Stockyard• Team Member Tools

Services• PetVet Clinics• Pet Wash• Home Delivery• Trailer Rental• Test & Learn


Drive Traffic

ConsumablesDrive Ticket

Innovation & Differentiation

Drive Relevance

LocalizationDrive Loyalty

Exclusive Brands

Drive Offering

Online Endless Aisle

Driving sales through analytics and consistent resets to drive traffic, ticket and relevance

Grow sales and profit by offering a unique collection of quality, differentiated products that are relevant to the Out Here Lifestyle at everyday low pricing

We are committed to being the most dependable supplier and grow market share through:

1. Broadening Assortment

2. Optimizing In-stock

3. Price Locally

Consumables: Drive Traffic

Consumable products drive footsteps and are central for being the dependable supplier for Life Out Here

Innovation & Differentiation: Drive Ticket

We consistently drive new items through comprehensive category resets, drive aisle programs and a structured test program

Leading & Differentiated Brands

Category Expansions

Emerging Trends & Products

Online Demand & Search

Localization: Drive Relevance

Our customers expect us to have the right products to support their way of life, which requires us to have a site-level merchandising philosophy

Exclusive Brands: Drive Loyalty

Differentiated Products across all Categories

Exclusive Brands: Drive Loyalty

Capture Share in Growing Workwear Apparel Segment

National Brand Quality with Attractive Price Points

Performance TechnologyOdor, stain & moisture resistant

Launch August 2019

Online Endless Aisle: Drive Offering

A strategic focus on supporting customer needs with expanded online assortments drives conversion, loyalty and engagement


Product Assortments


In-Store Experience


In-Store Experience: Drive Aisle

A focused effort on drive aisle merchandising to build the basket with seasonally relevant products while offering a treasure hunt experience

In-Store Experience

Extended Aisle Team Member Tools


Product Assortments


In-Store Experience


Services• PetVet Clinics• Pet Wash• Home Delivery• Trailer Rental• Test & Learn

Services: Grow and Expand

Growing existing services and exploring new services to drive traffic, sales and GURA

Providing Pet Services through Opportunistic Expansion:

PetVet Clinic in 80% of storesPet Wash Station

Driving Convenience through Delivery OfferingsTrailer RentalTest & Learn

Develop Deeper Personalization

• Know Our Core Customers Even Better• Continue to Grow Neighbor’s Club• Build Data-Driven Analytics

Relationship Marketing

• Foster Team Member Relationships with Customers• Connect through Social Media, Ambassadors & Influencers • Scale Local Community Marketing

Support the Customer and

Lifestyle

• Enhance 4-H and FFA Connection• Assist Community Events across the Nation• Support Our Military


Know Our Core Customers Even Better

Jeanee

Julie & Pete Dave

Drew & Beth

2016 2017 Today

Continue to Grow Neighbor’s Club

Members >12mm

>50% of SalesCompared to Non Members:

Spend 3-4x

Transactions ~3x

Basket +25%

Welcome and Nurture New Customers Growth through Cross-Selling and Up-Selling

Build Data-Driven Analytics

Leverage AI-Driven Product RecommendationsOffer Exclusive Specials and DealsLocalize

Build and Grow Best CustomersCapitalize on Pet and Animal Own Key Markets

Manage CustomerLifecycle

Deliver Relevant, Timely Content

Drive Key Customer Segments

Build Data-Driven Analytics

Increased Spend per Pet CustomerPet Messaging to Drive Specific Behaviors

Up-Sell

Grow spend per transaction by moving up brand tier

Cross-Sell

Expand share of wallet with purchases across the store

Stock-Up

Ensure repeat purchases with relevant, timely reminders

+4-6%

Control Test

Foster Team Member Relationships with Customers

Tractor Supply Team Members have a strong relationship with their customers and their communities

Increase in Spending when Customers

Experience All Aspects of GURA

GreetUncoverRecommendAsk


Over 3,100 fairs & local events supported last year

Community Marketing Events based on what our customers are most passionate about

Our Customers are digitally savvy and want to have conversations with us online

28





Support the Customer and

Lifestyle

• Enhance 4-H and FFA Connection• Assist Community Events across the Nation• Support Our Military


Support the Customer and Lifestyle

Our stores serve as a connection with the community

Our customers value support of the Military, and it drives their loyalty to Tractor Supply

4-H and FFA Sponsorships allow us to locally supportour customers’ way of life

Enhancing Our Supply Chain Capabilities

Right Product Right Place Right CostAssortment Optimization

Responsive Product Flow

Upstream Collaboration &

Downstream Automation

Our supply chain is uniquely designed to optimize sales, minimize risk and support a diverse assortment across stores and direct to customer

Right Product: Assortment Optimization

Demographics Loyalty

Historic & Forecasted

SalesProduct

Attributes

We are deploying advanced analytics to drive inventory productivity and deliver maximum profitability

Customer Relevant

Seasonally Relevant

Locally Relevant

Right Place: Responsive Product Flow

We fulfill our brand promise of being the most dependable supplierwith an infrastructure that supports our customers’ unique needs

Mixing CenterImport Center

Distribution Center

Distribution CentersEnable regionalized store replenishment and resetsDeliver digital fulfillment

Import CentersRespond to seasonal sales

Mixing CentersProvide just-in-time consumables

Right Cost: Upstream Collaboration & Downstream Automation

Reduce Lead Times

Vendor Collaboration

DC Automation/System

Increase Speed & Scale

Strategic Sourcing

Drive profit improvement by integrating End-to-End Supply Chain

Reduce Stem Miles

Comparable Store Sales

New Stores

Online


• Increase Ticket• Drive Transactions• Continue Building Capabilities• Team Members as a Differentiator

• 80 New Tractor Supply Stores in 2019• 10 to 15 New Petsense Stores in 2019

• Enhance Capabilities for Seamless Shopping• Expand Relevant Assortments• Content & Knowledge Expert for Life Out Here


Nearly 1,800 Tractor Supply Stores

with a 2,500 Store Opportunity


New Store Growth

BOPISeCommerce

MPOS

Products and

Services Petsense

Team Member

EngagementProfit

Improvement

Uniquely Positioned to Support the Out Here Lifestyle

Drive Market Share Using Differentiated Products and Innovation

Scale Personalization to Drive Customer Loyalty

Strengthen Customer Relationships through Our Team Members

Leverage Nimble Supply Chain to Capture Growth

Key Takeaways

Rob MillsEVP, Chief Technology, Digital

and Strategy Officer

Enabling Our Future Growth

Retail Capabilities are Evolving

Retailer

YESTERDAY TODAY

Customer

Pricing Product Information

Product Location Expert KnowledgeDrives Drives

Our Capability Journey

Today

Competitive Price Intelligence

Neighbor’s Club Loyalty Program

Omni Channel Capabilities – Seamless Experience

Endless Aisle Product Assortment

Foundation for Analytical Expansion

Growing our Fulfillment Capabilities

Yesterday

Manual Processes

Limited Ability to Capture Data

Basic Online Selling Capabilities

Online Products Mirrored Store Selection

Basic Reporting and Analytics

Supply Chain Constraints

How Our Omni Channel Experience Has Evolved

Capabilities

Omni Channel Growth

Mobile Traffic

70%Unique Visitors Year Over Year

+20%Overall Web Visits

+60%

2016

2017

2018

ContentSocial Media

Endless Aisle

BOPIS Loyalty

Tax Exemption

Unified Customer Profile

Shift Print to Digital Store Task Management#1 Online Experience

Payment Options

Store Locator Visits Year Over Year

+41%

2018 Omni Channel Performance

Improving Profitability

3–4X In-Store

Average Order

+80%BOPISGrowth Year Over Year

Proven Scalability

2012 2014 2016 2018

27Quarters of Double-Digit

Growth

2016 2017 2018

+34%ConversionGrowth Year Over Year

From Test & Learn to Rollout

2017 2018 2019

Team Member Engagement

Operational Efficiency

Capabilities Supporting ONETractor

Driving Profitable Growth Building Customer-Centric Engagement

Offering Relevant Products & Services Enhancing Our Core & Foundational Capabilities






Competitive Pricing Intelligence

Neighbors Club

TransportationManagement

Allocations

Unified Customer Profile






Training – Productivity Tools – Recognition - Recruiting

Store Productivity – Transportation – DC Productivity – Indirect Procurement

Customer Acquisition

Financial Services ExpansionExpanding Online Products

Stockyard KiosksONETractor Stores

Team Member Mobility

Assortment PlanningDeliver from Store

Strategic Sourcing

Distribution Network

Product Information Management (PIM)Petsense Integration

Store Labor Scheduling

Personalization

Social Media

Grow Exclusive Brands

Streamlined Online Checkout

Enterprise Analytics Platform

Floor Planning

Payment OptionsBrand Awareness






Consumer Mobile App

Expand Service Offerings

Voice ShoppingBOPIS 3.0

Augmented Reality

Enhanced Inventory Visibility

Automation

PIPELINE

Spending plateauing

~30% of total capital

IT Investment to Support Capabilities

2014 2015 2016 2017 2018 2019F 2020T

$23M

$80-90M

$36M $40M

$82M $87M

IT Capital Investments

Framework for Enabling Future Growth

Anticipate Needs Artificial Intelligence & Automation Customer Experience Evolve Fulfillment

Anticipating Needs

Analytics Personalization Across Channels Labor Management

Neighbor’s Club Member Bob Smith has entered the store.

Customer Weather

Product Browse Behavior

Social

Artificial Intelligence & Automation

FinanceMerchandising

IT Automation

Chatbots

Customer Interactions

Cognitive AI

Labor Optimization

Inventory Placement

Supply Chain Efficiency

Machine Learning

Delivery Routes

Customer Experience

Innovating To Drive Convenience Anytime, Anywhere, Anyway

Evolve Fulfillment

Efficient

Cost Effective

Customer Expectations

Improve In-Stock

Convenient

Predictable

New Ideas

Home

TSC Store

Neighbors

Leveraging Our Physical Assets…

Supporting the Out Here Lifestyle Anytime, Anywhere, Anyway

…Growing Our Omni Channel Capabilities

Key Takeaways

Continuing to Evolve Capabilities to Meet Customer Expectations

Strong Progress Growing Omni Channel Business

Investments Are Driving Improvements

Future Capabilities Will Drive Growth and Efficiencies

Leveraging Digital and Stores to Deliver the ONETractor Experience

Panel

SVP, Marketing

Christi KorzekwaSVP, General

Merchandising Manager

Seth EstepSVP, Store Operations

John OrdusSVP, Supply Chain

Colin Yankee

Kurt BartonEVP, Chief Financial Officer

and Treasurer

Delivering Profit Improvement and Our Long-Term Financial Outlook

Strong Track Record of Performance

$278.5 million invested in

capital spend in 2018

Positive traffic consecutive quarters of comp store sales greater than 3%

7quartersof43 44

9thconsecutive

year of increased quarterly

cash dividends for shareholders

$3 billion returned to shareholders

through share repurchases and quarterly cash

dividends in the last 10 years

Broad-based topline growth

in 2018

Additional Contributors of Financial Performance

• Strength of Our Real Estate Portfolio

• Tractor Supply Card Penetration Growth

• Operating Margin Opportunities

Shareholder Return Principles

Long-Term Financial Targets

Agenda

Age of Stores Square Footage of Stores

Prototype vs. Retrofit

Strength of Our Real Estate Portfolio

28%

25%25%

15%

6%

<5 Years 5-9 Years 10-14 Years

15-20 Years >20 Years

Average Age = 10 Years

14%

78%

8%

<15k 15-18k >18k

Average Square Footage =

15.5k

57%43%

Prototype Retrofit

Note: TSC only

Prototype (Build-to-Suit)

Retrofit (2nd Use Retail)

Petsense

Strength of Our Real Estate Portfolio

~$900k Investment ~$1.5M Investment ~$300k Investment

1.201.10

0.851.05

1.20

2013 2014 2015 2016 2017

Current Forecast

Solid New Store Economics

New Store First Year SalesBy Year of Opening

New Store ReturnsBy Year of Opening

(20 Year IRR)

$3.2 $3.2 $3.1 $3.1 $3.1

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

2013 2014 2015 2016 2017

Actual Pro-forma

Note: 2018 new store results have not yet cycled. As such, 2017 is the most recent data. Pro-forma has been adjusted for tax reform.

($ in millions)

Indexed to Pro-forma

0%

2%

4%

6%

8%

10%

$1,000

$2,000

$3,000

$4,000

$5,000

Year ofOpening

2 3 4 5 6 7 8 9 10

Annual Sales Comp Growth Rate

2018 Comp Store Sales Average


New Store Maturation Curve

Strong Maturation Curve

Track Record of Mature Stores Comping Positive

Creating Solid Economic Returns

($ in 000s)


Capturing Growth Opportunities

2015 Opportunity

Store Count 13 +9

TSC StoreOpportunity

$78

2015

Market Sales ($ in millions)


$78

$98

2015 2018 Future

$115

2015 2018 Remaining Opportunity

Store Count 13 18 +4

Capturing Growth Opportunities

Market Sales Growth($ in millions)

TSC StoreOpportunity

Significant Opportunities for New Store Growth

CurrentStore Count

1,775

Site SelectionModelProfile

Opportunity2,500

• Robust site selection process• Recent 2,500 store opportunity revalidation

As of March 30, 2019

Tractor Supply Card Penetration Growth

Benefits of Our TSC Card

Drive Sales Build Loyalty Reduce Tender Expense

Drive Sales


Pre-credit Post-credit

~30%+ Increase

Spend per Customer

Note: Based on 12 months pre-TSC credit card and 12 months post-TSC credit card, excluding the initial transaction.

2017 2018

TSC CardOther Tender

27%

73% 65%

35%


Riding Lawn Mower SalesDrive Sales


Build Loyalty

Announcing in Neighbor’s Club Rewards

$5 for every $100 spent on the TSC Card

5% BACK


~3% ~4%

10%

~20%

2017 2018 3 - 5 YearTarget

Best-in-ClassRetailersTractor Supply

TSC Card Tender Sales Mix Potential

Reduce Tender Expense

Growing TSC Card Mix reduces tender expense

and improves the efficiency & economics of

the program

• Operating Margin Opportunitieso Gross margin expansion initiativeso Capture profit improvement plan savings

Agenda

Gross Margin Expansion Initiatives

Exclusive Brands

Strategic Sourcing

• Focused on assortment planning and supply chain efficiencies• Productive inventory turns and working capital initiatives

Inventory Management

Price Optimization

• Capture topline growth and gross margin expansion across categories

• Optimize direct import capabilities complemented by domestic sourcing

• Leverage expanded price zones to be more nimble with greater flexibility across chain

Capture Profit Improvement Plan Savings

Store Productivity

Transportation Efficiency

Distribution Center Productivity

Indirect Procurement

$$$$

$$$$

$$$

$$

Customer First Approach

Strategic Sourcing

LeverageAutomation

Performance Management

Process Re-engineering

Rollout 6-9 MonthsQ2-Q3 Testing2018 Pilot

Goal• Increase Sales / Labor Hour• Align Hours to Traffic Volume &

Task Work• Drive Greater Customer Engagement


Strategy• Re-engineer Receiving & Recovery Process• Leverage Scheduling & Task Management

System• Increase Customer Engagement / GURA

Store Productivity

Ongoing2019 Rollout2018 Foundation

Goal• Reduce Stem Miles & Lead Time• Reduce Freight Rate• Maximize Truck Utilization


Strategy• Domestic Strategic Sourcing• Freight Lane Optimization• Transportation Procurement• Truck Load / Flat Bed Utilization

Transportation Efficiency

Multi-Year Rollout2020 Phase II2019 Pilot

Goal• Optimize DC Space & Slotting

• Increase Labor Utilization


Strategy• Product Flow Engineering

• Performance Culture

Distribution Center Productivity


Store Rent

Outside Services

Technology

MarketingFacility

Maintenance

Utilities

Indirect Procurement

Savings Opportunities

Other

Supplies & Fixtures


2018 2019 2020 2021

Implementation

Foundation

Value Capture

ROIC Improvement

Shareholder Return Principles

Business Drivers• New Store Sq. Ft. Growth• Comparable Store Sales• Gross Margin • SG&A Leverage• Profit Improvement Plan

Return of Cash• Dividends

• Share Repurchases

LowDouble-Digit EPS Growth

Total ShareholderReturn Target (EPS Growth

+ Dividend Yield)+11% - +13%

Strong Free Cash Flow Generation• Invest for Growth

Disciplined and Growth-Oriented Capital Allocation Targets

Reinvest in the Business

Share Repurchases

~ 30% Payout Ratio$0.35 Quarterly Cash Dividend (increased 12.9% in May)

Dividends

Leverage

~ $250 to $300M Annually

~ 2.5% to 3.5% Net Share Reduction AnnuallyNew Authorization of $1.5 Billion

Lease Adjusted Leverage Ratio of 2.0x to 2.4x

30%

20%

30%

20%

New & Relocated Stores

Logistics

Information Technology

Existing Stores

Future Capital Expenditure Targets

Reinvest in the Business for Growth


Targeting Low Double-Digit EPS Growth2018 to 2021

Sales Growth of 7-9% Comp Sales of 3%+

• New Store Growth:

• ~80 to 100 TSC

• ~20 to 50 Petsense

• Comparable Store Sales Growth

• Double-Digit Online Sales Contribution

Operating Margin Improvement

• Balanced Investments

• Gross Margin Opportunities

• Operational Efficiencies

• Outlook for Stable External Environment

Earnings Per Share Growth

• Deliver Consistent Low Double-Digit Earnings Growth

• Strong Operating Free Cash Flow to Enhance Returns

• Leverage Strong Balance Sheet to Expand Share Repurchases


New Store Growth

MACRO TRENDSInflation/

Deflation

MPOSTRAFFIC

PriceMgmt. TICKET

BOPIS

Products and

Services

Petsense


8.87%

9.0 - 9.4%

Levers of Operating Profit Margin2018 to 2021

8.9 - 9.0%

2018 2021T2019F

• Sales Growth• Productivity Culture• Profit Improvement Plan• Cost Management• Investments Plateauing

Delivering on Our Near-Term and Long-Term Financial Targets

Clear Priorities for Comp Store Sales Growth

Runway for New Store Growth with Solid Returns

Building a Productivity Culture to Capture Operational Efficiencies

Disciplined Capital Allocation to Drive Returns

History of Strong and Growing Cash Returned to Shareholders

Key Takeaways

Greg SandfortChief Executive Officer


Our Culture is a Competitive Advantage

Value-Creating Business Model with a Healthy Customer Base

Well-Positioned with ONETractor Strategy for Long-Term Growth


History of Growing Cash Flows and Cash Returned to Shareholders

Delivering on Near-Term and Long-Term Goals

Seasoned Management Team with Strong Retail Background

Key Takeaways

Thank You

tsco 2019 investment community day - website...the company claims the protection of the safe-harbor...

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