Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to Mex$619, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 10x in the Specialty Retail industry in South America. Total loss to shareholders of 26% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$299 per share. Bekanntmachung • Apr 23
Tractor Supply Company Reaffirms Earnings Guidance for Fiscal Year 2026 Tractor Supply Company reaffirmed earnings guidance for fiscal year 2026. For fiscal 2026, the Company expects net sales growth of 4% to 6%, Comparable Store Sales to be 1% to 3%, Operating Margin Rate to be 9.3% to 9.6%, Net Income $1.11 billion to $1.17 billion and Earnings per Diluted Share of $2.13 to $2.23. Reported Earnings • Apr 22
First quarter 2026 earnings released: EPS: US$0.31 (vs US$0.34 in 1Q 2025) First quarter 2026 results: EPS: US$0.31 (down from US$0.34 in 1Q 2025). Revenue: US$3.59b (up 3.6% from 1Q 2025). Net income: US$164.5m (down 8.3% from 1Q 2025). Profit margin: 4.6% (down from 5.2% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Specialty Retail industry in South America. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Bekanntmachung • Mar 31
Tractor Supply Company to Report Q1, 2026 Results on Apr 21, 2026 Tractor Supply Company announced that they will report Q1, 2026 results Pre-Market on Apr 21, 2026 Bekanntmachung • Mar 27
Tractor Supply Company, Annual General Meeting, May 14, 2026 Tractor Supply Company, Annual General Meeting, May 14, 2026. Recent Insider Transactions • Feb 15
Executive VP recently sold Mex$1.7m worth of stock On the 10th of February, Kurt Barton sold around 2k shares on-market at roughly Mex$928 per share. This transaction amounted to 2.8% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth Mex$78m. This was Kurt's only on-market trade for the last 12 months. Declared Dividend • Feb 15
Fourth quarter dividend of US$0.24 announced Shareholders will receive a dividend of US$0.24. Ex-date: 24th February 2026 Payment date: 10th March 2026 Dividend yield will be 1.4%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (44% earnings payout ratio) and cash flows (66% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • Feb 12
High number of new directors Independent Director Sonia Syngal was the last director to join the board, commencing their role in 2026. Recent Insider Transactions • Feb 07
President recently sold Mex$78m worth of stock On the 3rd of February, Harry Lawton sold around 85k shares on-market at roughly Mex$916 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Harry's only on-market trade for the last 12 months. Reported Earnings • Jan 30
Full year 2025 earnings released: EPS: US$2.07 (vs US$2.05 in FY 2024) Full year 2025 results: EPS: US$2.07. Revenue: US$15.5b (up 4.3% from FY 2024). Net income: US$1.10b (flat on FY 2024). Profit margin: 7.1% (down from 7.4% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Specialty Retail industry in South America. Bekanntmachung • Jan 29
Tractor Supply Company Provides Earnings Guidance for Fiscal Year 2026 Tractor Supply Company provided earnings guidance for fiscal year 2026. For fiscal 2026, the Company expects net sales growth of 4% to 6% and diluted EPS of $2.13 to $2.23. Operating Margin Rate to be 9.3% to 9.6% and Net Income $1.11 billion to $1.17 billion. Bekanntmachung • Jan 07
Tractor Supply Company to Report Q4, 2025 Results on Jan 29, 2026 Tractor Supply Company announced that they will report Q4, 2025 results at 9:30 AM, US Eastern Standard Time on Jan 29, 2026 Bekanntmachung • Nov 13
Cree Led, Inc. Files Patent Infringement Lawsuit Against Promier Products, Inc. and Tractor Supply Co Cree LED on November 12, 2025 announced that it has filed a patent infringement lawsuit in the United States District Court for the Northern District of Illinois against Promier Products Inc. (d/b/a LitezAll) and Tractor Supply Co. The lawsuit asserts that Promier Products and Tractor Supply have infringed Cree LED’s rights in the following patents by selling certain portable lighting products: United States Patent Nos. 9070850, 9754926, 10439112, 11791442, D790486 and D892066. Cree LED, together with its predecessor, Cree Inc., has a thirty-five-year track record of innovations and industry firsts. Cree LED has established itself as a trusted brand in portable lighting applications, known for consistently high performance and reliable product quality. Cree LED designs products specifically optimized for portable lighting applications, delivering industry-leading lumen output and maximum throw distance. Declared Dividend • Nov 08
Third quarter dividend of US$0.23 announced Shareholders will receive a dividend of US$0.23. Ex-date: 24th November 2025 Payment date: 9th December 2025 Dividend yield will be 1.4%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (44% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Bekanntmachung • Nov 06
Tractor Supply Company Declares Quarterly Cash Dividend, Payable on December 9, 2025 Tractor Supply Company announced that its Board of Directors declared a quarterly cash dividend of $0.23 per share of the Company’s common stock. The dividend will be paid on December 9, 2025, to stockholders of record of the Company’s common stock as of the close of business on November 24, 2025. Bekanntmachung • Nov 05
Tractor Supply Company Expands Field & Stream Lineup to Celebrate Life Outdoors Tractor Supply Company announced that its assortment of exclusive Field & Stream products has arrived. A full lineup of hunting gear and equipment, premium dog products and apparel and accessories is now available in stores and online at TractorSupply.com/FieldandStream. Tractor Supply and Field & Stream first announced a multi-year, strategic licensing partnership in January, bringing together two brands that share the same authenticity, quality and passion for the outdoors. A full lineup of hunting equipment, premium dog products and accessories is now available in store and online. A full lineup of mining gear and equipment, premium dog product and apparel and accessories is now availability in stores and online. A full lineup the expanded Field & Stream lineup that celebrates the expanded Field & Stream lineup, Tractor Supply has released a new brand video showcasing the spirit of the outdoors and the excitement of hunting season. In June, Tractor Supply stores introduced a small range of Field & Stream hunting equipment. Customers have loved the quality, design and value of these products, generating strong momentum for the brand. The expanded collection features a wider range of blinds, feed and feeders, safes and trail cameras, all designed with the rugged reliability outdoor enthusiasts expect from such a legendary brand. Maryann Boettner, a Tractor Supply District Manager in Southwest Louisiana who started hunting with her dad as a child, has been using the 350 lb. Steel Deer Corn Feeder and can't say enough good things about it. Pet Collection: The Field & Stream Pet Collection is built for dogs that love the outdoors, just like their owners. It includes durable beds, hunting-inspired toys, a heavy-duty travel kennel and even a cozy camo dog coat for excursions into the field. The collection also features Field & Stream's Pack Provisions line of nutritious food and tasty treats formulated with energy-providing nutrients and rich in protein to fuel active dogs. Pack Provisions is a family of products designed to work together for optimal pet health, including food, supplements and treats. Apparel & Accessories: The Field & Stream apparel line is all about authentic lifestyle wear. Each timeless piece is crafted for comfort and durability. The Field & Stream apparel collection features t-shirts, hoodies and ball caps that blend Field & Stream's vintage outdoor style with Tractor Supply's Life Out Here spirit. The lineup also includes tote bags, blankets and insulated stainless-steel tumblers in both solid colors and vintage Field & Stream designs. Reported Earnings • Oct 24
Third quarter 2025 earnings released: EPS: US$0.49 (vs US$0.45 in 3Q 2024) Third quarter 2025 results: EPS: US$0.49 (up from US$0.45 in 3Q 2024). Revenue: US$3.72b (up 7.2% from 3Q 2024). Net income: US$259.3m (up 7.4% from 3Q 2024). Profit margin: 7.0% (in line with 3Q 2024). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Specialty Retail industry in South America. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Bekanntmachung • Oct 01
Tractor Supply Company to Report Q3, 2025 Results on Oct 23, 2025 Tractor Supply Company announced that they will report Q3, 2025 results Pre-Market on Oct 23, 2025 Bekanntmachung • Aug 22
Tractor Supply Launches Women's Apparel Line with TV Host and Cookbook Author Molly Yeh Tractor Supply Company announced the launch of an exclusive women's apparel collection with award-winning cookbook author, Food Network host and beet farmer Molly Yeh. Inspired by the lifestyle of Tractor Supply shoppers, the collection combines durable, functional apparel with colorful, versatile styles ranging in price from $19.99 to $59.99. Select items from the collection are now available in Tractor Supply's more than 2,300 stores nationwide, with an extended assortment featured online at Tractor Supply.com. For more than 10 years, Molly has embraced life on a fifth-generation sugar beet farm in East Grand Forks, Minnesota. With her love of animals, gardening and cooking, she connects deeply with the Out Here lifestyle. Molly collaborated with the Tractor Supply team to develop every aspect of the clothing line, from the color choices to the fits and fabrics, with details inspired by life on the farm. The collection includes denim overalls, double-knee jeans, flannel shirt jackets, cardigans, crewneck sweaters, graphic tees and more. The bright greens, reds, yellows, pinks and blues are signature to Molly’s wardrobe, bringing personality to each piece. Designed for women who work hard and live life to the fullest, the line is as ready for the barn as it is for time with family and friends. The Molly Yeh x Tractor Supply Women’s Apparel Collection is available online and in stores now, with additional styles rolling out through the fall, including online-only designs at TractorSupply.com. Recent Insider Transactions • Aug 13
Independent Director recently sold Mex$9.0m worth of stock On the 7th of August, Mark Weikel sold around 8k shares on-market at roughly Mex$1,121 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of Mex$135m more than they bought in the last 12 months. Declared Dividend • Aug 11
Second quarter dividend of US$0.23 announced Shareholders will receive a dividend of US$0.23. Ex-date: 25th August 2025 Payment date: 9th September 2025 Dividend yield will be 1.2%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (44% earnings payout ratio) and cash flows (59% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Bekanntmachung • Aug 07
Tractor Supply Company Declares Quarterly Cash Dividend, Payable on September 9, 2025 Tractor Supply Company announced that its Board of Directors declared a quarterly cash dividend of $0.23 per share of the Company’s common stock. The dividend will be paid on September 9, 2025, to stockholders of record of the Company’s common stock as of the close of business on August 25, 2025. Bekanntmachung • Jul 29
Tractor Supply to Add SmartEquine's Health and Wellness Solutions to Its Extensive Line Lineup of Equine Products Tractor Supply Company announced it will add SmartEquine's health and wellness solutions to its extensive lineup of equine products. Beginning July 28, 2025, customers can find SmartEquine's SmartPaks supplement varieties in Tractor Supply stores nationwide, with an expanded product lineup available at Tractor Supply.com. SmartPaks daily supplement packs provide pre-measured portions of SmartEquine's scientifically formulated supplements for precision, convenience and consistency. Tractor Supply is the exclusive national retailer for SmartPaks. SmartPaks supplements are ideal for every type of horse, from competitive athletes and lesson horses and beyond. Supplement options include joint health, digestion, electrolytes, hoof health and more. For those unsure of which supplement is right for their horse, Tractor Supply.com offers a SmartEquine Solutioninder that directs users to the ideal products based on their horse's unique needs. SmartEquine has been elevating equine wellbeing through scientifically developed supplements, innovative wellness solutions and expert guidance from industry leaders for more than 25 years. Its unique customized supplement programs are formulated to address specific health challenges--from advanced joint support to precision hindgut protection--to give each horse exactly what it needs. In addition to the SmartPaks supplement system, Tractor Supply will also offer an expansive lineup of SmartEquine supplements in stores and online. Reported Earnings • Jul 25
Second quarter 2025 earnings released: EPS: US$0.81 (vs US$0.79 in 2Q 2024) Second quarter 2025 results: EPS: US$0.81 (up from US$0.79 in 2Q 2024). Revenue: US$4.44b (up 4.5% from 2Q 2024). Net income: US$430.0m (up 1.1% from 2Q 2024). Profit margin: 9.7% (in line with 2Q 2024). Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Specialty Retail industry in South America. Bekanntmachung • Jul 24
Tractor Supply Company Reiterates Earnings Guidance for the Fiscal Year 2025 Tractor Supply Company reiterated earnings guidance for the fiscal year 2025. For the year, the company expects Net Sales of +4% to +8%, Comparable Store Sales of +0% to +4%, Net Income of $1.07 billion to $1.17 billion compared and Earnings per Diluted Share of $2.00 to $2.18 . Buy Or Sell Opportunity • Jul 03
Now 21% overvalued Over the last 90 days, the stock has fallen 7.5% to Mex$1,032. The fair value is estimated to be Mex$854, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years. Earnings per share has grown by 4.6%. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings are also forecast to grow by 7.8% per annum over the same time period. Bekanntmachung • Jul 02
Tractor Supply Company to Report Q2, 2025 Results on Jul 24, 2025 Tractor Supply Company announced that they will report Q2, 2025 results Pre-Market on Jul 24, 2025 Declared Dividend • May 19
First quarter dividend of US$0.23 announced Shareholders will receive a dividend of US$0.23. Ex-date: 28th May 2025 Payment date: 10th June 2025 Dividend yield will be 1.4%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (44% earnings payout ratio) and cash flows (80% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 30% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Recent Insider Transactions • May 18
Insider recently sold Mex$2.8m worth of stock On the 14th of May, Matthew Rubin sold around 3k shares on-market at roughly Mex$1,002 per share. This transaction amounted to 9.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of Mex$129m more than they bought in the last 12 months. Bekanntmachung • May 15
Tractor Supply Company Declares Quarterly Dividend, Payable on 10, 2025 Tractor Supply Company announced that its Board of Directors declared a quarterly cash dividend of $0.23 per share of the Company’s common stock. The dividend will be paid on June 10, 2025, to stockholders of record of the Company’s common stock as of the close of business on May 28, 2025. Buy Or Sell Opportunity • May 05
Now 22% overvalued Over the last 90 days, the stock has fallen 10% to Mex$1,000. The fair value is estimated to be Mex$821, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years. Earnings per share has grown by 4.6%. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings are also forecast to grow by 7.8% per annum over the same time period. Reported Earnings • Apr 30
First quarter 2025 earnings released: EPS: US$0.34 (vs US$0.37 in 1Q 2024) First quarter 2025 results: EPS: US$0.34 (down from US$0.37 in 1Q 2024). Revenue: US$3.47b (up 2.1% from 1Q 2024). Net income: US$179.4m (down 9.5% from 1Q 2024). Profit margin: 5.2% (down from 5.8% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Specialty Retail industry in South America. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 3% per year. Reported Earnings • Apr 26
First quarter 2025 earnings released: EPS: US$0.34 (vs US$0.37 in 1Q 2024) First quarter 2025 results: EPS: US$0.34 (down from US$0.37 in 1Q 2024). Revenue: US$3.47b (up 2.1% from 1Q 2024). Net income: US$179.4m (down 9.5% from 1Q 2024). Profit margin: 5.2% (down from 5.8% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Specialty Retail industry in South America. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 4% per year. Bekanntmachung • Apr 21
Tractor Supply Launches New Tractor Supply Rx with Easy Ordering for Pet and Animal Pharmacy Needs Tractor Supply Company announced the launch of Tractor Supply Rx, the Company's convenient and low-cost pet and animal pharmacy offering. Customers can now shop for pet and animal medications, enroll in automatic delivery through the Autoship program and access expert pharmacy advice at Tractor Supply.com/Rx. Additionally, Neighbor's Club members earn points and rewards on prescription purchases for their pets and animals. Key Features and Benefits: Tractor Supply.com/Rx offers features designed to make ordering fast and easy. With a quick click or call, customers can request the needed medication and share their pet and veterinarian's details. Tractor Supply's expert pharmacists handle the rest, often shipping the medication the same day. With Autoship, there's no need to reorder. Customers can sign up to automatically receive medications, supplements and parasite preventatives for pets and animals while enjoying savings on every purchase. Tractor Supply Rx also provides a price-match guarantee to ensure customers get the best value on their prescription purchases. Tractor Supply previously partnered with Allivet to fulfill prescriptions through Tractor SupplyRx.com. After acquiring Allivet in 2024, Tractor Supply now provides pet parents with convenient access to brand-name medications and expert pharmacy advice, as well as an extensive range of bedding, supplies, food, treats, equipment and more, directly from Tractor Supply.com. From pet wash stations, pet grooming at Petsense by Tractor Supply and veterinary care through PetVet partnership, to pet-friendly policy at its stores, Tractor Supply Rx further solidifies Tractor Supply as the destination for expert care for pets and animals Out Here. Tractor Supply Rx rewards and exclusive offers are another way Neighbor's Club members save more at Tractor Supply and Petsense by Tractor Supply. Bekanntmachung • Apr 03
Tractor Supply Company to Report Q1, 2025 Results on Apr 24, 2025 Tractor Supply Company announced that they will report Q1, 2025 results Pre-Market on Apr 24, 2025 Buy Or Sell Opportunity • Mar 24
Now 21% overvalued Over the last 90 days, the stock has fallen 1.1% to Mex$1,076. The fair value is estimated to be Mex$890, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.0% over the last 3 years. Earnings per share has grown by 6.0%. For the next 3 years, revenue is forecast to grow by 6.3% per annum. Earnings are also forecast to grow by 7.5% per annum over the same time period. Bekanntmachung • Mar 17
Tractor Supply Company, Annual General Meeting, May 15, 2025 Tractor Supply Company, Annual General Meeting, May 15, 2025. Buy Or Sell Opportunity • Mar 02
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at Mex$1,178. The fair value is estimated to be Mex$967, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.0% over the last 3 years. Earnings per share has grown by 6.0%. For the next 3 years, revenue is forecast to grow by 6.3% per annum. Earnings are also forecast to grow by 7.6% per annum over the same time period. Reported Earnings • Feb 24
Full year 2024 earnings released: EPS: US$2.05 (vs US$2.03 in FY 2023) Full year 2024 results: EPS: US$2.05. Revenue: US$14.9b (up 2.2% from FY 2023). Net income: US$1.10b (flat on FY 2023). Profit margin: 7.4% (down from 7.6% in FY 2023). The decrease in margin was driven by higher expenses. Like-for-like sales growth: 0.2% vs FY 2023 Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Specialty Retail industry in South America. Recent Insider Transactions • Feb 19
Insider recently sold Mex$15m worth of stock On the 11th of February, Colin Yankee sold around 13k shares on-market at roughly Mex$1,112 per share. This transaction amounted to 32% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth Mex$98m. Insiders have been net sellers, collectively disposing of Mex$160m more than they bought in the last 12 months. Recent Insider Transactions • Feb 08
President recently sold Mex$98m worth of stock On the 3rd of February, Harry Lawton sold around 88k shares on-market at roughly Mex$1,117 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Harry's only on-market trade for the last 12 months. Reported Earnings • Jan 30
Full year 2024 earnings released: EPS: US$2.05 (vs US$2.03 in FY 2023) Full year 2024 results: EPS: US$2.05. Revenue: US$14.9b (up 2.2% from FY 2023). Net income: US$1.10b (flat on FY 2023). Profit margin: 7.4% (down from 7.6% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Specialty Retail industry in South America. Bekanntmachung • Jan 30
Tractor Supply Company Provides Earnings Guidance for the Year 2025 Tractor Supply Company provided earnings guidance for the year 2025. For the year, the company expects Net Sales to be between ‘+5% to +7% Comparable Store Sales to be between ‘+1% to +3% Net Income to be between $1.12 billion to $1.18 billion. Earnings per Diluted Share to be between $2.10 to $2.22. Buy Or Sell Opportunity • Jan 22
Now 22% overvalued Over the last 90 days, the stock has fallen 2.3% to Mex$1,162. The fair value is estimated to be Mex$949, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.1% over the last 3 years. Earnings per share has grown by 7.9%. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings are also forecast to grow by 7.0% per annum over the same time period. Bekanntmachung • Jan 09
Tractor Supply Company to Report Q4, 2024 Results on Jan 30, 2025 Tractor Supply Company announced that they will report Q4, 2024 results on Jan 30, 2025 Bekanntmachung • Jan 07
Tractor Supply Company Launches 4health Shreds Premium Dog Food Tractor Supply Company announced it has launched a new offering from its exclusive 4health line of premium pet food. 4health Shreds is a new dog food product that blends crunchy kibble with protein-packed shreds for an appealing texture that delivers balanced nutrition. As with all 4health varieties, 4health Shreds provides premium quality pet food at a competitive price. 4health Shreds are ideally formulated for adult dogs, with immune-supporting antioxidants including zinc, seenium and vitamin E. Glucosamine and chondroitin sulfate help support joint health, while a blend of omega-6 and omega-3 fatty acids nourish the skin and coat. 4health Shreds also contains probiotics and natural prebiotic fiber to support healthy digestion. 4health, one of Tractor Supply's most popular exclusive brands, is frequently more competitively priced than premium and grocery store natural pet food brands. 4health Shreds formulas are priced under $55 for a 35 pound bag--providing more than 20% more value versus the comparable national brand. Over the last 36 months, household penetration for Tractor Supply's exclusive-brand dry dog foods has grown more than 15 times faster than the market. Tractor Supply stores will offer three varieties of 4health Shreds: Chicken & Rice, Beef & Rice and Lamb & Rice. All three options have real meat as the first ingredient and can be purchased in five-, 18- or 35-pound bags. 4health natural pet foods feature premium proteins and supplemental nutrition for the optimal health of dogs and cats and are exclusively available at Tractor Supply and Petsense by Tractor Supply. 4health is manufactured following rigorous quality-control processes and contains carefully selected ingredients. Bekanntmachung • Dec 31
Tractor Supply Company (NasdaqGS:TSCO) completed the acquisition of Agropec Trading, LLC. Tractor Supply Company (NasdaqGS:TSCO) entered into a definitive agreement to acquire Agropec Trading, LLC on October 24, 2024. The deal is an all-cash transaction that Tractor Supply anticipates financing through its balance sheet. The transaction is subject to customary closing conditions, including receipt of applicable regulatory approvals. The transaction is expected to close in Tractor Supply’s fiscal first quarter of 2025.
D.A. Davidson & Co. acted as financial advisor to Agropec Trading, LLC. Foley & Lardner LLP acted as legal advisor to Agropec Trading, LLC. Spencer Gilbert, Kevin Rinker, Sarah Burke, Michael Bolotin, Caroline Geiger, Ted Hassi, Kyra Bromley, Paul Rubin, Melissa Runsten and Stuart Hammer of Debevoise & Plimpton LLP acted as legal advisor to Tractor Supply Company.
Tractor Supply Company (NasdaqGS:TSCO) completed the acquisition of Agropec Trading, LLC on December 30, 2024. Declared Dividend • Nov 21
Third quarter dividend of US$1.10 announced Shareholders will receive a dividend of US$1.10. Ex-date: 25th November 2024 Payment date: 10th December 2024 Dividend yield will be 1.1%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (42% earnings payout ratio) and cash flows (88% cash payout ratio). The dividend has increased by an average of 24% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Declared Dividend • Nov 12
Third quarter dividend of US$1.10 announced Shareholders will receive a dividend of US$1.10. Ex-date: 25th November 2024 Payment date: 10th December 2024 Dividend yield will be 1.0%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (42% earnings payout ratio) and cash flows (88% cash payout ratio). The dividend has increased by an average of 24% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Bekanntmachung • Nov 08
Tractor Supply Company Declares Quarterly Cash Dividend, Payable on December 10, 2024 Tractor Supply Company announced that its board of directors declared a quarterly cash dividend of $1.10 per share of the company’s common stock. The dividend will be paid on December 10, 2024 to stockholders of record of the company’s common stock as of the close of business on November 25, 2024. Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: US$2.25 (vs US$2.34 in 3Q 2023) Third quarter 2024 results: EPS: US$2.25 (down from US$2.34 in 3Q 2023). Revenue: US$3.47b (up 1.6% from 3Q 2023). Net income: US$241.5m (down 5.3% from 3Q 2023). Profit margin: 7.0% (down from 7.5% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Specialty Retail industry in South America. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 13% per year. Bekanntmachung • Oct 25
Tractor Supply Company (NasdaqGS:TSCO) agreed to acquire Agropec Trading, LLC. Tractor Supply Company (NasdaqGS:TSCO) agreed to acquire Agropec Trading, LLC on October 24, 2024. The deal is an all-cash transaction that Tractor Supply anticipates financing through its balance sheet. The transaction is subject to customary closing conditions, including receipt of applicable regulatory approvals. The transaction is expected to close in Tractor Supply’s fiscal first quarter of 2025.
D.A. Davidson & Co. acted as financial advisor to Agropec Trading, LLC. Foley & Lardner LLP acted as legal advisor to Agropec Trading, LLC. Spencer Gilbert, Kevin Rinker, Sarah Burke, Michael Bolotin, Caroline Geiger, Ted Hassi, Kyra Bromley, Paul Rubin, Melissa Runsten and Stuart Hammer of Debevoise & Plimpton LLP acted as legal advisor to Tractor Supply Company (NasdaqGS:TSCO). Bekanntmachung • Oct 24
Tractor Supply Company Revises Earnings Guidance for the Fiscal Year 2024 Tractor Supply Company revised earnings guidance for the fiscal year 2024. For the year, the company expects net sales to be in the range of $14.85 billion to $15.0 billion against previous guidance range of $14.8 billion to $15.0 billion. Comparable store sales to be in the range of 0.0% to 1.0% against previous guidance range of negative 0.5% to positive 1.0%. Net income to be in the range of $1.09 billion to $1.12 billion against previous guidance range of $1.08 billion to $1.12 billion. Earnings per diluted share to be in the range of $10.10 to $10.40 against previous guidance range of $10.00 to $10.40. Bekanntmachung • Oct 10
Tractor Supply Company to Report Q3, 2024 Results on Oct 24, 2024 Tractor Supply Company announced that they will report Q3, 2024 results Pre-Market on Oct 24, 2024 Declared Dividend • Aug 19
Second quarter dividend of US$1.10 announced Shareholders will receive a dividend of US$1.10. Ex-date: 26th August 2024 Payment date: 10th September 2024 Dividend yield will be 1.1%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (41% earnings payout ratio) and cash flows (77% cash payout ratio). The dividend has increased by an average of 24% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 26% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Recent Insider Transactions • Aug 15
Insider recently sold Mex$2.7m worth of stock On the 12th of August, Matthew Rubin sold around 540 shares on-market at roughly Mex$4,979 per share. This transaction amounted to 10% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of Mex$129m more than they bought in the last 12 months. Bekanntmachung • Aug 08
Tractor Supply Company Declares Quarterly Dividend, Payable on September 10, 2024 Tractor Supply Company announced that its Board of Directors declared a quarterly cash dividend of $1.10 per share of the Company’s common stock. The dividend will be paid on September 10, 2024 to stockholders of record of the Company’s common stock as of the close of business on August 26, 2024. Reported Earnings • Jul 26
Second quarter 2024 earnings released: EPS: US$3.95 (vs US$3.85 in 2Q 2023) Second quarter 2024 results: EPS: US$3.95 (up from US$3.85 in 2Q 2023). Revenue: US$4.25b (up 1.5% from 2Q 2023). Net income: US$425.2m (flat on 2Q 2023). Profit margin: 10.0% (in line with 2Q 2023). Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Specialty Retail industry in South America. Bekanntmachung • Jul 26
Tractor Supply Company Updates Earnings Guidance for the Fiscal Year 2024 Tractor Supply Company updated earnings guidance for the fiscal year 2024. For the year, the company expects net sales in the range of $14.8 billion to $15.0 billion against previous guidance of $14.7 billion to $15.1 billion, Net Income in the range of $1.08 billion to $1.12 billion against previous guidance of $1.06 billion to $1.13 billion and Earnings per Diluted Share in the range of $10.00 to $10.40 against previous guidance $9.85 to $10.50. Bekanntmachung • Jul 09
Tractor Supply Company to Report Q2, 2024 Results on Jul 25, 2024 Tractor Supply Company announced that they will report Q2, 2024 results Pre-Market on Jul 25, 2024 Buy Or Sell Opportunity • Jul 01
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to Mex$4,970. The fair value is estimated to be Mex$4,071, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.6% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings are also forecast to grow by 6.1% per annum over the same time period. Bekanntmachung • Jun 08
Massimo Group Launches Pontoon Boat Pilot Program with Tractor Supply Company in Select Texas Store Locations Massimo Group announced it has launched a Pontoon Boat Pilot Program with Tractor Supply Company, the largest rural lifestyle retailer in the United States, for in-store product placement in select Texas store locations. For more than 85 years, Tractor Supply Company has been passionate about serving the needs of recreational farmers, ranchers, homeowners, gardeners, pet enthusiasts and all those who enjoy living Life Out Here. The company operates over 2,200 Tractor Supply stores in 49 states, and currently sells a variety of kayaks, canoes, fishing boats and pedal boats. Massimo Marine products will be the first pontoon boats available in Tractor Supply Company stores, including the entry level P-22 Limited Pontoon on the floor, and the mid-level P-24, T-25 and T-30 lineup of boats available to order. Massimo Marine's lineup of premium Pontoon boats are skillfully crafted and meticulously assembled in the USA, ensuring the utmost attention to detail, safety, and durability. Pontoon boats offer a luxurious and comfortable experience for pontoon enthusiasts, offering a range of options for optimal power and featuring a variety of comfort and convenience amenities. Massimo Marines P-22 Limited Pontoon boats offer a luxurious and comfortable experience for entry-level pontoon enthusiasts. Equipped with 40hp up to 115hp Mercury outboard engines, the Pontoon boats offer a range of options for optimal power. Additionally, boats feature a variety of comfort and convenience amenities, including 4×6.5 interior speakers, 5.5 touchscreen LCD audio display, Black Painted Fence Rail Finish, USB Ports, 12V Port, optional ski tow, Bimini-mounted anchor/navigation light, Mooring eye on the starboard side for tie-offs, Motor-stop safety lanyard, and an Antenna. Declared Dividend • May 13
First quarter dividend of US$1.10 announced Shareholders will receive a dividend of US$1.10. Ex-date: 24th May 2024 Payment date: 11th June 2024 Dividend yield will be 1.2%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (41% earnings payout ratio) and cash flows (58% cash payout ratio). The dividend has increased by an average of 24% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 24% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Bekanntmachung • May 10
Tractor Supply Company Declares Quarterly Dividend, Payable on June 11, 2024 Tractor Supply Company announced that its Board of Directors declared a quarterly cash dividend of $1.10 per share of the Company’s common stock. The dividend will be paid on June 11, 2024 to stockholders of record of the Company’s common stock as of the close of business on May 28, 2024. Bekanntmachung • Apr 26
Tractor Supply Company Reiterates Financial Outlook for Fiscal 2024 Tractor Supply Company Reiterated Financial Outlook for Fiscal 2024. For the year, company expects Net Sales to be in the range of $14.7 billion to $15.1 billion, Net Income to be in the range of $1.06 billion to $1.13 billion and earnings per share to be in the range of Earnings per Diluted Share $9.85 to $10.50. Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: US$1.84 (vs US$1.66 in 1Q 2023) First quarter 2024 results: EPS: US$1.84 (up from US$1.66 in 1Q 2023). Revenue: US$3.39b (up 2.9% from 1Q 2023). Net income: US$198.2m (up 8.2% from 1Q 2023). Profit margin: 5.8% (up from 5.5% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Specialty Retail industry in South America. Bekanntmachung • Apr 05
Tractor Supply Company to Report Q1, 2024 Results on Apr 25, 2024 Tractor Supply Company announced that they will report Q1, 2024 results Pre-Market on Apr 25, 2024 Bekanntmachung • Mar 05
Tractor Supply Company, Annual General Meeting, May 09, 2024 Tractor Supply Company, Annual General Meeting, May 09, 2024. Recent Insider Transactions • Mar 04
Insider recently sold Mex$17m worth of stock On the 28th of February, Colin Yankee sold around 4k shares on-market at roughly Mex$4,275 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth Mex$82m. Insiders have been net sellers, collectively disposing of Mex$129m more than they bought in the last 12 months. Buy Or Sell Opportunity • Mar 02
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 20% to Mex$4,340. The fair value is estimated to be Mex$3,513, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 5.2% per annum. Earnings are also forecast to grow by 5.7% per annum over the same time period. Recent Insider Transactions • Feb 26
Executive VP & Chief Stores Officer recently sold Mex$17m worth of stock On the 22nd of February, John Ordus sold around 4k shares on-market at roughly Mex$4,108 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth Mex$82m. Insiders have been net sellers, collectively disposing of Mex$112m more than they bought in the last 12 months. Recent Insider Transactions • Feb 19
Insider recently sold Mex$11m worth of stock On the 14th of February, Melissa Kersey sold around 3k shares on-market at roughly Mex$4,032 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth Mex$82m. Insiders have been net sellers, collectively disposing of Mex$95m more than they bought in the last 12 months. Upcoming Dividend • Feb 16
Upcoming dividend of US$1.10 per share at 1.9% yield Eligible shareholders must have bought the stock before 23 February 2024. Payment date: 12 March 2024. Payout ratio is a comfortable 41% and the cash payout ratio is 78%. Trailing yield: 1.9%. Lower than top quartile of Mexican dividend payers (6.5%). Lower than average of industry peers (3.8%). Recent Insider Transactions • Feb 14
President recently sold Mex$82m worth of stock On the 8th of February, Harry Lawton sold around 21k shares on-market at roughly Mex$3,988 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Harry's only on-market trade for the last 12 months. Declared Dividend • Feb 12
Fourth quarter dividend of US$1.10 announced Shareholders will receive a dividend of US$1.10. Ex-date: 23rd February 2024 Payment date: 12th March 2024 Dividend yield will be 1.4%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (41% earnings payout ratio) and cash flows (82% cash payout ratio). The dividend has increased by an average of 24% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 24% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Bekanntmachung • Feb 06
Tractor Supply Company Declares Quarterly Cash Dividend, Payable on March 12, 2024 Tractor Supply Company announced that its Board of Directors declared a quarterly cash dividend of $1.10 per share of the Company’s common stock. This represents an increase of 7% versus the prior quarterly dividend rate of $1.03 per share. The dividend will be paid on March 12, 2024 to stockholders of record of the Company’s common stock as of the close of business on February 26, 2024. Reported Earnings • Feb 02
Full year 2023 earnings released: EPS: US$10.15 (vs US$9.78 in FY 2022) Full year 2023 results: EPS: US$10.15 (up from US$9.78 in FY 2022). Revenue: US$14.6b (up 2.5% from FY 2022). Net income: US$1.11b (up 1.7% from FY 2022). Profit margin: 7.6% (down from 7.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Specialty Retail industry in South America. Bekanntmachung • Feb 01
Tractor Supply Company Provides Earning Guidance for Fiscal 2024 Tractor Supply Company provided earning guidance for fiscal 2024. For the period, the company expects Net Sales in the range of $14.7 billion to $15.1 billion, Net Income in the range of $1.06 billion to $1.13 billion and Earnings per Diluted Share in the range of $9.85 to $10.50. Bekanntmachung • Jan 10
Tractor Supply Company to Report Q4, 2023 Results on Feb 01, 2024 Tractor Supply Company announced that they will report Q4, 2023 results Pre-Market on Feb 01, 2024 Bekanntmachung • Nov 17
Tractor Supply Company Recalls Red Shed Hammock Swing Chairs Due to Fall Hazard Tractor Supply Company recalled Red Shed Hammock Swing Chairs due to fall hazard. Upcoming Dividend • Nov 17
Upcoming dividend of US$1.03 per share at 2.0% yield Eligible shareholders must have bought the stock before 24 November 2023. Payment date: 12 December 2023. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Mexican dividend payers (7.2%). Lower than average of industry peers (4.1%). Bekanntmachung • Nov 10
Tractor Supply Company Declares Quarterly Cash Dividend, Payable on December 12, 2023 Tractor Supply Company announced that its Board of Directors declared a quarterly cash dividend of $1.03 per share of the Company’s common stock. The dividend will be paid on December 12, 2023 to stockholders of record of the Company’s common stock as of the close of business on November 27, 2023. Bekanntmachung • Oct 29
Tractor Supply Company Revises Earnings Guidance for the Fiscal Year 2023 Tractor Supply Company revised earnings guidance for the fiscal year 2023. For the year, the company expected net sales to be $14.5 billion - $14.6 billion compared to previous guidance of $14.8 billion - $14.9 billion, Comparable Store Sales to be flat compared to previous guidance of +1.3% -+2.5%, Operating Margin Rate to be 10.1% - 10.2% compared to previous guidance of 10.2% - 10.3%, Net Income to be $1.10 billion - $1.11 billion compared to previous guidance of $1.12 billion - $1.15 billion and Earnings per Diluted Share to be $10.00 - $10.10 compared to previous guidance of $10.20 - $10.40. Reported Earnings • Oct 28
Third quarter 2023 earnings released: EPS: US$2.34 (vs US$2.11 in 3Q 2022) Third quarter 2023 results: EPS: US$2.34 (up from US$2.11 in 3Q 2022). Revenue: US$3.41b (up 4.3% from 3Q 2022). Net income: US$255.0m (up 8.9% from 3Q 2022). Profit margin: 7.5% (up from 7.2% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Specialty Retail industry in South America. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Bekanntmachung • Oct 06
Tractor Supply Company to Report Q3, 2023 Results on Oct 26, 2023 Tractor Supply Company announced that they will report Q3, 2023 results Pre-Market on Oct 26, 2023 Recent Insider Transactions • Aug 19
Independent Director recently sold Mex$1.9m worth of stock On the 15th of August, Joy Brown sold around 500 shares on-market at roughly Mex$3,796 per share. This transaction amounted to 29% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of Mex$70m more than they bought in the last 12 months. Bekanntmachung • Aug 11
Tractor Supply Company Declares Quarterly Cash Dividend, Payable on September 12, 2023 Tractor Supply Company announced that its Board of Directors declared a quarterly cash dividend of $1.03 per share of the Company’s common stock. The dividend will be paid on September 12, 2023 to stockholders of record of the Company’s common stock as of the close of business on August 28, 2023. Bekanntmachung • Aug 04
Tractor Supply Company Announces That Meg Ham Has Been Appointed an Independent Member of Its Board of Directors Tractor Supply Company announced that Meg Ham has been appointed an independent member of its Board of Directors, effective August 2, 2023. Ms. Ham brings a distinguished 35-year career in the retail industry and currently serves as president of Food Lion. With the addition of Ms. Ham, Tractor Supply’s Board of Directors now consists of a total of nine members. She joins eight current Tractor Supply board members with extensive expertise and experience across multiple industries. Meg Ham has served as president of Food Lion since 2014. Under her leadership, the company’s 82,000 associates serve nearly 10 million customers each week across its 10-state operating footprint of more than 1,100 grocery stores. During her 35-year tenure at Food Lion parent company Ahold Delhaize USA, Ms. Ham has also served at the helm of Bottom Dollar Food, the company’s former discount banner, as well as in executive leadership roles in both retail operations and merchandising functions at Food Lion and Hannaford. Ms. Ham has a strong passion for serving the community. Since 2014, Food Lion Feeds, the company’s hunger-relief platform, has donated more than one billion meals to neighbors experiencing food insecurity. Ms. Ham earned her Bachelor of Science Degree in Business Management and Marketing from Cornell University. She previously served on the board of directors for the Network of Executive Women (NEW) and Easter Seals, and on the board of governors for Saint Joseph's University's Food Marketing Education Foundation. Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: US$3.85 (vs US$3.55 in 2Q 2022) Second quarter 2023 results: EPS: US$3.85 (up from US$3.55 in 2Q 2022). Revenue: US$4.18b (up 7.2% from 2Q 2022). Net income: US$421.2m (up 6.2% from 2Q 2022). Profit margin: 10% (in line with 2Q 2022). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Specialty Retail industry in South America. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Bekanntmachung • Jul 12
Tractor Supply Company to Report Q2, 2023 Results on Jul 27, 2023 Tractor Supply Company announced that they will report Q2, 2023 results at 9:30 AM, US Eastern Standard Time on Jul 27, 2023 Bekanntmachung • May 12
Tractor Supply Company Declares Quarterly Cash Dividend, Payable on June 13, 2023 Tractor Supply Company announced that its board of directors declared a quarterly cash dividend of $1.03 per share of the company’s common stock. The dividend will be paid on June 13, 2023 to stockholders of record of the company’s common stock as of the close of business on May 30, 2023. Reported Earnings • Apr 29
First quarter 2023 earnings released: EPS: US$1.66 (vs US$1.66 in 1Q 2022) First quarter 2023 results: EPS: US$1.66 (in line with 1Q 2022). Revenue: US$3.30b (up 9.1% from 1Q 2022). Net income: US$183.1m (down 2.2% from 1Q 2022). Profit margin: 5.5% (down from 6.2% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Specialty Retail industry in South America. 
