Tractor Supply CEO: Consumer is stable, we saw sequential improvement through the quarter

Capital Allocation Strategy - Tractor Supply prioritizes investing in the business and maintaining an attractive dividend, followed by opportunistic share buybacks [2] - The company made a modest adjustment to its share repurchase program, aligning with the guidance provided at the beginning of the year [2] Consumer Environment & Market Trends - Tractor Supply indicates the consumer is very stable, with sequential improvement observed throughout the quarter and into July [4][5] - July is stronger than the exit in June, indicating continued strength in consumer spending [5] - Rural America is experiencing strong economic activity, with consumer confidence outpacing the national average and disproportionately benefiting from job gains [8][9] - Life out here is alive and well in rural America [8] Business Performance & Category Strength - Poultry and Equine categories are performing strongly, along with related products like bedding and forage [9][10] - Garden and big-ticket items also showed strength, particularly with the delayed arrival of spring [10] - Exceptional moisture and temperatures in July are contributing to strong outdoor recreation and activity-related sales [10][11] - The company sold enough chickens to make enough eggs to make 10 billion omelets [7]