The coronavirus outbreak has highlighted a paradigm shift in consumer buying behavior. People are shopping essential items rather than making discretionary purchases. Impressively, Tractor Supply Company (TSCO - Free Report) being an essential, needs-based retailer has prioritized its actions to resonate well with the prevailing crisis. This rural lifestyle retailer remains committed to maintaining everyday low pricing on its consumable, usable and edible merchandise categories.
The company’s customers depend on it for a wide array of merchandise such as animal feed, pet food, livestock and pet medicines, agricultural supplies, lawn and vegetable garden products, and heating and fuel. In order to serve customers better during this unprecedented crisis, the company announced its "most ambitious hiring drive ever". It plans to deploy more than 5,000 full-time and part-time associates across 1,900 stores in 49 states and eight distribution centers.
Undoubtedly, Tractor Supply is leaving no stone unturned to ensure safety of customers visiting stores. The company is deploying a dedicated greeter at each outlet to create social distancing awareness, take notice of number of customers inside the store and also look after additional cleaning drives. The company fully understands the need of the hour and is assisting customers by expanding “Buy Online Same Day/Next Day Delivery” to all stores; executing contactless curbside delivery for “Buy Online, Pickup In Store”; and expediting roll out of contactless payment options like Apple Pay.
The company is committed and sensitive toward employees as much as it is toward customers during the time of this pandemic. Notably, the company has extended earlier announced $2 per hour appreciation bonus to all frontline hourly team members from Apr 25 to May 9. Management also notified that the company’s medical plan will cover 100% coronavirus medical treatment. Other prominent initiatives announced previously include a one-time special bonus of $1,000 for exempt store managers and $500 for frontline leadership and support roles, and extension of paid sick leave by a couple of weeks for all team members affected by coronavirus.
We note that shares of this Zacks Rank #3 (Hold) company surged 10.6% during the trading session on Apr 6. In the past three months, the stock has fallen 4.1% compared with the industry’s decline of 33.1%.
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