Tractor Supply Company (TSCO), based in Brentwood, Tennessee, focuses on the supply needs of recreational farmers and ranchers through 814 stores the company operates across the U.S. Tractor Supply also serves the maintenance needs of those who enjoy a rural lifestyle, as well as tradesmen and small businesses. The company offers the following selection of merchandise: equine, pet and animal products; maintenance products for agricultural and rural use; hardware and tool products; seasonal products such as lawn and garden power equipment; truck and towing products; and work/recreational clothing and footwear for the entire family.
Tractor Supply recently announced that its board of directors has authorized a $200M increase to its current share repurchase program. The program, established in February 2007, now totals $400M, and the term has been extended through December 31, 2011. As of June 28, 2008, the company has purchased 4.0 million shares for approximately $178M under the program.
The purchases may be made from time to time in the open market or through privately negotiated transactions at management’s discretion. “Our share repurchase program has proven to be an efficient method for returning capital to shareholders,” stated Jim Wright, chairman, president and chief executive officer. “Given that we have nearly reached the prior authorization amount, the board of directors determined that it was in the best interest of the company and our shareholders to expand the program. This decision reflects the board’s confidence in our financial strength and the ability to effectively manage our capital structure while continuing to execute our long-term strategy.”
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