Tractor Supply Company (TSCO) 2003年年度报告「NASDAQ」.pdf

1、 TO OUR SHAREHOLDERS 2003 Success Story Tractor Supply Company had another successful year in 2003.Total sales increased 21.7%,same-store sales increased 7.0%and net income grew 45.7%.We achieved solid improvements in team development as our existing team members embraced change and our new team mem

2、bers became immersed in the Companys culture.New and relocated stores have performed very well.We are pleased with the return on our new merchandising,marketing and logistics initiatives.Our stock has outperformed our peer group and the major indices by a wide margin.Our Team Building Efforts Tracto

3、r Supply continues to increase the amount of time,effort and resources dedicated to the development of the team and to become“The Employer of Choice.”Last year,we again raised the bar on the selection process,upgraded most training programs and kicked off Tractor Supply University.More than half of

4、our stores have team members who have a background as a farmer,rancher,horse owner or welder.We are most proud that team member turnover in every category reached record low levels last year.We really are becoming“The Employer of Choice.”Sales Growth The most important measure of long term success i

5、n retailing is same-store sales growth.Last year our same-store sales grew by 7.0%-on top of 9.6%and 3.8%in the two prior years.Growth of this magnitude and consistency is the result of a stellar total team effort.Our stores are well run.Our team members are friendly and competent in our category.Ma

6、rketing and merchandising continue to drive shopping frequency.Our store support team does whatever it takes to help our stores exceed our customers expectations.Building the Store Base In 2003,we opened 31 new stores on top of a record setting 113 new stores in the previous year.The new stores from