Market Hit: Farm supplies retailer Tractor Supply (TSCO) recently reported sales growth of +4.3%, close to CE Transact implied reported growth of +4.6%, and below consensus of +5.9%.

In its recent earnings report, Tractor Supply management cited macroeconomic pressures continuing to weigh on consumer spending behavior, particularly in the lower-income cohorts. Consumer Edge data shows meaningful TSCO sales growth among higher-income shoppers, but it wasn’t enough to offset the weakness in the lower-income cohorts.

Total TSCO Sales Growth

Farm supplies retailer TSCO reported total sales growth of +4.3%, close to CE Transact implied reported growth of +4.3%, and below consensus of +5.9%.

TSCO Spend Growth by Income Cohort

The company mentioned inflation, higher credit card balances and the resumption of school loan payments which resulted in consumers spending more cautiously on discretionary and big-ticket items, particularly in the lower-income cohorts. CE U.S. data shows the greatest y/y growth in higher-income cohorts in the most recent quarter with weakness among lower-income TSCO shoppers.

Consumer Edge is the leading provider of alternative data for consumer spending behavior, and the only provider of global revenue signals. If you’d like to benefit from using Transact US or other products for restaurants, retail, and other industry data year-round to track trends and market hits like these, reach out to

About the Authors

Katherine Bjorkman is the Director of Insights for the CEIC. Explore more of her insights here and follow her on LinkedIn.

Tyler Buccigrossi is a Senior Insights Analyst for the CEIC. Follow him on LinkedIn.

Subscribe for More

Sign up to be the first to know about market events, industry news, and data insights like this from the Consumer Edge Insight Center.