Checks: In-Store Evidence of Companion Animal Playbook Being Put Into Action

研报英文原文证据摘录

Checks: In-Store Evidence of Companion Animal Playbook Being Put Into Action

USA | Hardlines

Tractor Supply EquityJuneResearch29, 2026

COMPANY UPDATEChecks: In-Store Evidence of Companion Animal

RATING BUYPlaybook Being Put Into Action

PRICE $31.21^

This past weekend, we visited Tractor Supply in Goshen, NY, and walked away

encouraged to see key initiatives aimed at re-accelerating Companion Animal PRICE TARGET | % TO PT $51.00 | +63%

highly visible to shoppers. As these pivots take hold across the broader chain 52W HIGH-LOW $63.99 - $28.36

over the course of 3Q and early 4Q, we see potential for Companion Animal to FLOAT (%) | ADV MM (USD) 99.0% | 436.12

hit flattish growth in the final quarter of the year. Reiterate Buy. MARKET CAP $16.5B

TICKER TSCO

^Prior trading day's closing price unless otherwise

Recently Installed Freshpet Freezer Seeing Active Conversion Since Debut. The freezer was noted.

installed 3-4 weeks ago, and placement was strategic, with line-of-sight from the store's entry to

build awareness with shoppers. Recall, management outlined plans for ~750 freezers across the

chain by year-end. Given favorable consumer response since debut, we were encouraged to see FY (Dec) CHANGE TO JEFe JEF vs CONS

the freezer well-stocked during our visit. Page 3. 2026 2027 2026 2027

REV NA NA NM +1%

Sharper Price Points for Retriever. We observed markdowns for Retriever 50 Lb. Adult Mini Chunk EPS NA NA +2% +4%

from $26.99 to $24.99. This was advertised to shoppers upon entering the store in the weekly deals

flyer and on signage in the Companion Animal category. Recall that management identified the 2026 ($) Q1A Q2 Q3 Q4 FY

relaunch of Retriever and sharper price points at entry-level price points as key pillars for returning EPS 0.31 0.86 0.51 0.47 2.15