Tractor Supply : TSCO First Quarter 2024 Earnings Call Presentation

Supplemental

Financial

Presentation

April 25, 2024

SAFE HARBOR

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, statements regarding market share gains, positive customer trends, new stores and distribution centers, property development plans, and financial guidance for 2024, including net sales, comparable store sales, operating margin rates, net income, diluted earnings per share, capital expenditures and plans, share repurchase, and sale- leaseback transactions. 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, including as a result of the factors discussed in "Risk Factors" in our Annual Report on Form 10-K for 2023 and other reports filed with the SEC. 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 for the fiscal year ended December 30, 2023, as filed with the Securities and Exchange Commission

Thank You

to the Team!

Net SalesComp Sales

+2.9%		2.1%
	$3.4B
		1.1%
$3.3B

Q1 2023

Q1 2024

Q1 2023

Q1 2024

Continued Market Share Gains in Key Categories

Growth in Comparable Transactions of 1.3%

Comparable Ticket Decline of 0.2%

Strength in Seasonal Merchandise

C.U.E. Performance in line with Overall Company Results

4

Gross Margin

as a % of net sales

+50 bps Expansion

36.0%

35.5%

Q1 2023

Q1 2024

Key Drivers

Lower Transportation Costs

Disciplined Product Cost Management

Ongoing Execution of Everyday

Low Price Strategy

SG&A Expenses

as a % of net sales

-16 bps Deleverage

28.2%

28.1%

Q1 2023

Q1 2024

Key Drivers

Deleverage Primarily Attributed to Planned Growth Initiatives

Fixed Cost Deleverage

5

Operating

Margin

+34 bps

7.8%

7.4%

Q1 2023

Q1 2024

Profitability

Net Income

+8.2%

$198 M

$183 M

Q1 2023

Q1 2024

Diluted EPS

+10.9%

$1.83

$1.65

Q1 2023

Q1 2024

6

Enhanced Neighbor's Club Benefits

- More Rewards for Customers -

- Ability to Earn Reward Faster at Lower Spending Levels -

Continued Construction on 10th and Largest

Distribution Center in Maumelle, AR

Kick-Off of 2024 Spring Chick Days in Stores

Nearly 500 Garden Centers Now Operational

Release of 2023 Stewardship Tear Sheet

7

Stewardship

Updates

Issued 2023	Over $1
Million
Stewardship
Raised for
Tear Sheet
FFA

Continued Partnerships Supporting Life Out Here

Named one of America's

Most Trustworthy

Companies by Newsweek

8

Reiterated

2024 Guidance

Net Sales	$14.7B to $15.1B
Comparable Store Sales	(1.0%) to +1.5%
Operating Margin Rate	9.7% to 10.1%
Net Income	$1.06B to $1.13B
Diluted Earnings Per Share	$9.85 to $10.50

Deliver Legendary

Customer Experiences

Advance Our

ONETractor Capabilities

Operate the Tractor Way

Go the Country Mile

for Our Team

Generate Healthy

Shareholder Return