Exhibit 99.1

TRACTOR SUPPLY COMPANY REPORTS
FOURTH QUARTER AND FULL YEAR 2008 RESULTS
~ Fourth Quarter Sales Increase 10.5% ~
~ Fourth Quarter Same-Store Sales Increase 1.3% ~

Brentwood, Tennessee, January 28, 2009 – Tractor Supply Company (NASDAQ: TSCO)

, the largest retail farm and ranch store chain in the United States, today announced financial results for its fourth quarter and full fiscal year ended December 27, 2008. Additionally, the Company reaffirmed the fiscal 2009 outlook it provided last week.

Fourth Quarter Results
Net sales increased 10.5% to $799.5 million from $723.3 million in the prior year’s fourth quarter. Same-store sales increased 1.3% compared with a 3.8% gain in the prior year’s fourth quarter. Same-store sales growth was primarily driven by core consumable categories, including animal and pet-related products, clothing and footwear.

Gross margin increased 4.1% to $245.0 million from $235.5 million in the prior year’s fourth quarter. As a percent of sales, gross margin was 30.7% in the fourth quarter compared to 32.6% in the prior year’s fourth quarter. The decline in gross margin percentage resulted primarily from a substantial increase in the LIFO provision. Exclusive of the LIFO provision, gross margin increased to 33.2% of sales compared to 32.9% of sales in the prior year’s fourth quarter, primarily due to improvements in shrink, vendor allowances and markdown management.

Selling, general and administrative expenses, including depreciation and amortization, were 25.6% of sales for the fourth quarter of this year and last year. Despite limited comparable store increases, the Company maintained expenses as a percent of sales for the quarter primarily due to its aggressive expense management program.

Net income for the quarter was $24.7 million, or $0.67 per diluted share, compared to net income of $30.0 million, or $0.77 per diluted share, in the fourth quarter of the prior year. Exclusive of the LIFO provision, net income for the quarter was $37.3 million, or $1.01 per diluted share, compared to net income of $31.6 million, or $0.81 per diluted share, in the fourth quarter of the prior year.

The Company opened 21 new stores and relocated one store in the quarter compared to 26 new store openings and one relocated store in the prior year’s fourth quarter.

Jim Wright, Chairman, President and Chief Executive Officer, stated, “Our team did an outstanding job delivering strong operating results and taking the necessary actions during the quarter and year to mitigate challenging consumer headwinds. We are pleased that customers continue to view Tractor Supply Company as a destination location and the authority on the ‘out here’ lifestyle, as evidenced by our double-digit top-line growth. During the year, we focused on redefining our merchandise mix toward more basic and non-discretionary items, which contributed to higher traffic for the past three quarters. To complement our in-store efforts, we carried out aggressive expense management and inventory control programs while maintaining our commitment to operating as a specialty retailer in a unique niche.”

Full Year Results
For fiscal 2008, net sales increased 11.3% to $3.01 billion from $2.70 billion and same-store sales increased 1.4% compared to 3.4% for fiscal 2007.

Gross margin increased 7.0% to $912.3 million compared to $852.7 million in 2007. As a percent of sales, gross margin decreased to 30.3% for fiscal 2008 compared to 31.5% for fiscal 2007. The decrease in gross margin resulted primarily from a substantial increase in the LIFO provision. Exclusive of the LIFO provision, gross margin was 31.7% of sales for both years.

Selling, general and administrative expenses, including depreciation and amortization, were 25.8% of sales in 2008 compared to 25.6% of sales in 2007. This increase was due largely to occupancy and payroll expenses relating to new stores, which generally have higher costs in relation to sales volume than the chain average.

Net income for fiscal 2008 was $81.9 million, or $2.19 per diluted share, compared to net income of $96.2 million, or $2.40 per diluted share, for fiscal 2007. Exclusive of the LIFO provision, net income for fiscal 2008 was $108.2 million, or $2.89 per diluted share, compared to net income of $99.5 million, or $2.48 per diluted share, in the prior year.

During fiscal 2008, the Company opened 91 new stores and relocated one store compared to 89 new store openings, 12 relocations, and selling its only Del’s store located in Canada in fiscal 2007.

Fiscal 2009 Outlook
As provided in last week’s press release, the Company anticipates net sales for fiscal 2009 will be approximately $3.2 billion to $3.3 billion, with same-store sales expected to range from a decline of approximately 1.5% to an increase of approximately 1.5%. The Company projects full year net earnings to range from $2.58 to $2.74 per diluted share. Exclusive of the LIFO provision, the Company projects full year net earnings to range from $2.84 to $3.00 per diluted share.

For the full year, the Company expects approximately 70 to 80 new store openings.

Mr. Wright concluded, “We plan to continue differentiating our company in the market by focusing on the niche we serve, enhancing our merchandise assortment, improving our customers’ shopping experience and refining our marketing efforts. At the same time, we will execute our retail strategy centered on our rigorous store expansion, inventory management, and expense management programs. We believe the resiliency of our business model supported by our store and store support teams will continue allowing us to adjust quickly as the consumer environment evolves.”

Conference Call Information
Tractor Supply Company will be hosting a conference call at 5:00 p.m. Eastern Time today to discuss the financial results. The call will be simultaneously webcast over the Internet on the Company’s homepage at TractorSupply.com and can be accessed under the subheading “Investor Relations.” The webcast will be archived shortly after the conference call concludes through February 4, 2009.

About Tractor Supply Company
At December 27, 2008, Tractor Supply Company operated 855 stores in 44 states. The Company’s stores are focused on supplying the lifestyle needs of recreational farmers and ranchers. The Company also serves the maintenance needs of those who enjoy the rural lifestyle, as well as tradesmen and small businesses. Stores are located in towns outlying major metropolitan markets and in rural communities. The Company offers the following comprehensive selection of merchandise: (1) equine, pet and animal products, including items necessary for their health, care, growth and containment; (2) maintenance products for agricultural and rural use; (3) hardware and tool products; (4) seasonal products, including lawn and garden power equipment; (5) truck and towing products; and (6) work/recreational clothing and footwear for the entire family.

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures, which exclude the LIFO provision. We believe the inclusion of non-GAAP financial measures in this press release helps investors gain a meaningful understanding of operating results, and is consistent with how management measures and forecasts the Company’s performance, especially when comparing such results to prior periods or forecasts. These non-GAAP measures also allow investors, analysts and other interested parties to perform additional analyses of operating results, to illustrate the results of operations giving effect to the non-GAAP adjustments and to provide an additional measure of performance. The non-GAAP financial measures included in this press release are not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP. Reconciliations of the non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measures are set forth in the text of, and the accompanying exhibit to, this press release.

Forward Looking Statements

As with any business, all phases of the Company’s operations are subject to influences outside its control. This information contains certain forward-looking statements, including statements regarding estimated results of operations in future periods. These forward-looking statements are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are subject to the finalization of the Company’s financial and accounting procedures, and may be affected by certain risks and uncertainties, any one, or a combination, of which could materially affect the results of the Company’s operations. These factors include the effect of the current economic cycle on consumer spending, weather factors, operating factors affecting customer satisfaction, consumer debt levels, inflation, pricing and other competitive factors, the ability to attract, train and retain qualified employees, the ability to manage growth and identify suitable locations and negotiate favorable lease agreements on new and relocated stores, the timing and acceptance of new products in the stores, the mix of goods sold, the continued availability of favorable credit sources, capital market conditions in general, the ability to increase sales at existing stores, the ability to retain vendors, reliance on foreign suppliers, management of its information systems and the seasonality of the Company’s business. Forward-looking statements made by or on behalf of the Company are based on knowledge of its business and the environment in which it operates, but because of the factors listed above, actual results could differ materially from those reflected by any forward-looking statements. Consequently, all of the forward-looking statements made are qualified by these cautionary statements and those contained in the Company’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. There can be no assurance that the results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Company or its business and operations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

    (Financial tables to follow)

1

Consolidated Statements of Income
(Unaudited)
(in thousands, except per share amounts)

                                                                 
    FOURTH QUARTER ENDED   FISCAL YEAR ENDED
    December 27, 2008   December 29, 2007   December 27, 2008   December 29, 2007
Net sales
  $ 799,496       100.0 %   $ 723,252       100.0 %   $ 3,007,949       100.0 %   $ 2,703,212       100.0 %
Cost of merchandise sold
    554,456       69.3       487,795       67.4       2,095,688       69.7       1,850,504       68.5  
 
                                                               
Gross margin
    245,040       30.7       235,457       32.6       912,261       30.3       852,708       31.5  
 
                                                               
Selling, general and administrative expenses
    188,659       23.6       171,379       23.7       715,961       23.8       641,603       23.7  
Depreciation and amortization
    16,006       2.0       13,794       1.9       60,731       2.0       51,064       1.9  
 
                                                               
 
                                                               
Income from operations
    40,375       5.1       50,284       7.0       135,569       4.5       160,041       5.9  
Interest expense, net
    406       0.1       1,991       0.3       2,133       0.1       5,037       0.2  
 
                                                               
 
                                                               
Income before income taxes
    39,969       5.0       48,293       6.7       133,436       4.4       155,004       5.7  
Income tax expense
    15,257       1.9       18,276       2.5       51,506       1.7       58,763       2.1  
 
                                                               
Net income
  $ 24,712       3.1 %   $ 30,017       4.2 %   $ 81,930       2.7 %   $ 96,241       3.6 %
 
                                                               
 
                                                               
Net income per share:
                                                               
Basic
  $ 0.68             $ 0.79             $ 2.22             $ 2.45          
 
                                                               
Diluted
  $ 0.67             $ 0.77             $ 2.19             $ 2.40          
 
                                                               
 
                                                               
Weighted average shares outstanding (000’s):
                                                               
Basic
    36,185               38,064               36,830               39,220          
Diluted
    36,824               38,783               37,464               40,100          

2

Consolidated Balance Sheets
(Unaudited)
(in thousands)

                 
    December 27,   December 29,
    2008   2007
ASSETS
               
Current assets:
               
Cash and cash equivalents
  $ 37,232     $ 13,700  
Inventories
    603,435       635,988  
Prepaid expenses and other current assets
    41,960       41,959  
Deferred income taxes
    1,676       277  
 
               
Total current assets
    684,303       691,924  
 
               
Property and equipment, net
    362,033       332,928  
Goodwill
    10,258       10,258  
Deferred income taxes
    13,727       16,692  
Other assets
    5,676       6,169  
 
               
 
               
TOTAL ASSETS
  $ 1,075,997     $ 1,057,971  
 
               
 
               
 
               
LIABILITIES AND STOCKHOLDERS’ EQUITY
               
Current liabilities:
               
Accounts payable
  $ 286,828     $ 258,346  
Accrued expenses
    113,465       115,601  
Current portion of capital lease obligations
    550       847  
Income taxes currently payable
          5,062  
 
               
Total current liabilities
    400,843       379,856  
 
               
Revolving credit loan
          55,000  
Capital lease obligations
    1,797       2,351  
Other long-term liabilities
    63,227       55,427  
 
               
Total liabilities
    465,867       492,634  
 
               
 
               
Stockholders’ equity:
               
Common stock
    327       326  
Additional paid-in capital
    168,045       151,317  
Treasury stock
    (203,915 )     (150,049 )
Retained earnings
    645,673       563,743  
 
               
Total stockholders’ equity
    610,130       565,337  
 
               
 
               
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
  $ 1,075,997     $ 1,057,971  
 
               

3

Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)

                 
    FISCAL YEAR ENDED
    December 27,   December 29,
    2008   2007
 
               
Cash flows from operating activities:
               
Net income
  $ 81,930     $ 96,241  
Adjustments to reconcile net income to net cash provided by operating activities:
               
Depreciation and amortization
    60,731       51,064  
Gain on disposition of property and equipment
    (425 )     30  
Stock compensation expense
    12,257       10,620  
Deferred income taxes
    1,566       7,047  
Change in assets and liabilities:
               
Inventories
    32,553       (41,137 )
Prepaid expenses and other current assets
    429       (4,557 )
Accounts payable
    28,482       29,175  
Accrued expenses
    (2,136 )     4,339  
Income taxes currently payable
    (5,928 )     (6,488 )
Other
    7,990       8,687  
 
               
Net cash provided by operating activities
    217,449       155,021  
 
               
Cash flows from investing activities:
               
Capital expenditures
    (91,759 )     (83,547 )
Proceeds from sale of property and equipment
    3,324       974  
 
               
Net cash used in investing activities
    (88,435 )     (82,573 )
 
               
Cash flows from financing activities:
               
Borrowings under revolving credit agreement
    853,903       1,050,931  
Repayments under revolving credit agreement
    (908,903 )     (995,931 )
Tax benefit of stock options exercised
    1,085       3,149  
Principal payments under capital lease obligations
    (851 )     (675 )
Repurchase of common stock
    (53,866 )     (150,049 )
Net proceeds from issuance of common stock
    3,150       7,434  
 
               
Net cash used in financing activities
    (105,482 )     (85,141 )
 
               
Net increase (decrease) in cash and equivalents
    23,532       (12,693 )
Cash and cash equivalents at beginning of year
    13,700       26,393  
 
               
Cash and cash equivalents at end of year
  $ 37,232     $ 13,700  
 
               
Supplemental disclosures of cash flow information:
               
Cash paid during the year for:
               
Interest
  $ 3,890     $ 3,953  
Income taxes
    55,476       54,939  
Supplemental disclosure of non-cash activities:
               
Equipment acquired through capital leases
  $     $ 439  

4

Selected Financial and Operating Information

                                 
    FOURTH QUARTER ENDED   FISCAL YEAR ENDED
    December 27,   December 29,   December 27,   December 29,
    2008   2007   2008   2007
    (Unaudited)   (Unaudited)
Sales Information:
                               
Same-store sales increase
    1.3 %     3.8 %     1.4 %     3.4 %
Non-comp sales (% of total sales)
    8.2 %     11.7 %     8.9 %     11.5 %
 
                               
Average transaction value
  $ 43.90     $ 43.54     $ 44.55     $ 43.60  
Comp average transaction/value increase (decrease)
    0.3 %     1.0 %     1.3 %     (0.1 )%
Comp average transaction count increase
    1.0 %     2.7 %     0.1 %     3.5 %
 
                               
Store Count Information:
                               
Beginning of period
    834       738       764       676  
New stores opened
    21       26       91       89  
Stores closed/sold
                      (1 )
 
                               
End of year
    855       764       855       764  
 
                               
 
                               
Relocated stores
    1       1       1       12  
 
                               
Pre-opening costs (000’s)
  $ 1,720     $ 2,685     $ 8,712     $ 9,396  
Balance Sheet Information:
                               
Average inventory per store (000’s) (a)
  $ 759.0     $ 826.7     $ 759.0     $ 826.7  
Inventory turns
    2.89       2.70       2.79       2.60  
Financed inventory (a)
    43.0 %     38.3 %     43.0 %     38.3 %
Treasury shares:
                               
Shares purchased (000’s)
    318       1,352       1,598       3,216  
Cost (000’s)
  $ 11,367     $ 55,125     $ 53,866     $ 150,049  

(a) Assumes average inventory cost, excluding inventory in transit.

5

Supplemental LIFO Information
(Unaudited)
(in thousands, except per share amounts)

                                                 
    Fiscal Year Ended    
    December 27, 2008    
    Q1   Q2   Q3   Q4   Full Year   Fiscal 2007
1. LIFO provision, pre tax
  $ 1,559     $ 3,028     $ 4,154       N/A       N/A     $ 5,232  
2. LIFO provision, pre tax, restated
    2,947       8,996     $ 10,564     $ 20,288     $ 42,795       N/A  
 
                                               
3. Full-year LIFO provision estimate at quarter end, pre tax
  $ 8,072     $ 9,227     $ 11,823     $ 42,795     $ 42,795       5,232  
4. Full-year LIFO provision estimate at quarter end, pre tax, restated
    13,645       23,606       29,975       42,795       42,795       N/A  
 
                                               
5. LIFO balance sheet reserve
  $ (27,049 )   $ (30,077 )   $ (34,231 )   $ (68,285 )             25,490  
6. LIFO balance sheet reserve, restated
    (28,437 )     (37,433 )     (47,997 )     (68,285 )             N/A  
 
                                               
7. Net income (loss)
  $ (2,004 )   $ 43,352     $ 15,870     $ 24,712     $ 81,930       96,241  
8. LIFO provision, net of tax
    1,810       5,525       6,412       12,544       26,291       3,249  
9. Net income (loss) without LIFO
  $ (194 )   $ 48,877     $ 22,282     $ 37,256     $ 108,221       99,490  
 
                                               
Earnings Per Diluted Share:
                                               
10. Net income (loss)
  $ (0.05 )   $ 1.15     $ 0.43     $ 0.67     $ 2.19       2.40  
11. LIFO provision, net of tax
    0.04       0.14       0.17       0.34       0.70       0.08  
12. Net income (loss) without LIFO
  $ (0.01 )   $ 1.29     $ 0.60     $ 1.01     $ 2.89       2.48  
                                                 
    2009 Guidance        
    Q1   Q2   Q3   Q4    Full Year         
 
                                                        
13. LIFO provision, pre tax
  $ 3,100     $ 4,700     $ 3,800     $ 4,100     $ 15,700          
14. LIFO provision, net of tax
    1,890       2,870       2,300       2,510       9,590          
15. LIFO provision, per diluted share
  $ 0.02     $ 0.07     $ 0.09     $ 0.08     $ 0.26          

The non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. However, we believe that non-GAAP reporting, giving effect to the adjustments shown in the reconciliation above, provides meaningful information and therefore we use it to supplement our GAAP guidance. We have chosen to provide this supplemental information to investors, analysts and other interested parties to enable them to perform additional analyses of operating results, to illustrate the results of operations giving effect to the non-GAAP adjustments shown in the above reconciliations and to provide an additional measure of performance.

6


The following information was filed by Tractor Supply Co (TSCO) on Wednesday, January 28, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Tractor Supply Co's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Tractor Supply Co.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account