Americas Retail: Specialty Hardlines: Takeaways from TSCO IR/mgmt; US pet industry insights; Back to school sales tax holiday analysis

Research evidence excerpt

Americas Retail: Specialty Hardlines: Takeaways from TSCO IR/mgmt; US pet industry insights; Back to school sales tax holiday analysis

Equity Research

27 July 2026 | 6:00AM EDT

Americas Retail: Specialty Hardlines: Takeaways from TSCO IR/mgmt;

US pet industry insights; Back to school sales tax holiday analysis

In this note, we discuss key takeaways from meetings with the IR/management teams Kate McShane, CFA

+1(212)902-6740 |

of Tractor Supply. Additionally, we provide insights on the US pet industry and look at kate.mcshane@gs.com

Goldman Sachs & Co. LLC

the timing of back to school sales tax holidays by state vs. last two years.

Mark Jordan, CFA

+1(617)772-7951 |

mark.jordan@gs.com

Takeaways from IR/management meetings Emily Ghosh

+1(713)658-2632 |

emily.ghosh@gs.com

TSCO Nishi Agarwal

+1(332)245-7668 |

Consumer dynamics. Management attributed the weakness in big-ticket nishi.agarwal@gs.com

Goldman Sachs India SPL

discretionary categories primarily to consumer softness rather than weather,

Grace Chee

particularly in May, where underperformance was consistent across all geographies +1(212)357-9730 | grace.chee@gs.com

and exacerbated in drought-affected regions. While April benefited from favorable

Samantha Chiangweather, the overall deceleration was driven by a cautious consumer. +1(212)357-7992 |

samantha.chiang@gs.com

Pricing Strategy. Addressing persistent freight headwinds and industry-wide value

pricing pressures, management emphasized its commitment to maintaining price

leadership in core categories. While high freight costs and value-conscious consumer

behavior are expected to persist, management plans to adjust its promotional and

pricing levers dynamically based on competitive cycles.