Americas Retail: Analyzing Tractor Supply’s competitive positioning in Pet; Prices remain higher than the average but assortment is improving

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Americas Retail: Analyzing Tractor Supply’s competitive positioning in Pet; Prices remain higher than the average but assortment is improving

Goldman Sachs Americas Retail

Tractor Supply’s 1Q26 results highlighted a notable 100 bps drag on comparable store

sales from the companion animal segment. According to management, the primary

headwind remains a decline in the domestic dog population, which disproportionately

affects Tractor Supply given its ~20-point over-index in the dog category (80% of mix vs.

60% industry average). Conversely, the company under-indexes in the growing cat

segment and the rapidly expanding fresh and premium nutrition categories. While

management notes its pet share performance has remained stable over the last 4-5

quarters, it continues to track below company’s expectations.

Exhibit 4: SKU count (online) for Tractor Supply Exhibit 5: SKU count (online) for Tractor Supply remains

below its peers for SKUs related to Cat categories

SKU count as on 7/1/26

#SKUs TSCO Chewy AMZN WMT WOOF

Dog food 1128 6244 4000 1000 2318

Dog treats 1622 10233 9000 1000 1419

Dog toys 1300 9919 10000 1000 1855

Cat food 835 5419 3000 1000 2357

Cat treats 206 1919 1000 1000 520

Cat toys 167 3319 8000 1000 745

Dog food Dog treats Dog toys Cat food Cat treats Cat toys

Apr Jun Jul

AMZN and WMT SKU count is an approx. figure derived from the website and Source: Goldman Sachs Global Investment Research

both AMZN and WMT SKUs include 1P and 3P products.

Source: Company data, Goldman Sachs Global Investment Research

Exhibit 6: We observe that SKU counts for Tractor Supply

have increased for cat food and treats

% change in #SKU count vs. June’s SKU count

SKU %change Jun vs. Apr Jul vs. Apr

Dog food 7.1% 6.2%

Dog treats 4.8% 3.0%

Dog toys 2.2% 0.0%

Cat food 3.4% 5.7%