Tractor Supply Company Announces $200 Million Increase in Share Repurchase Program

Tractor Supply Company Announces $200 Million Increase in Share Repurchase
Program

BRENTWOOD, Tenn., Aug. 5 /PRNewswire-FirstCall/ -- Tractor Supply Company
(Nasdaq: TSCO), the largest retail farm and ranch store chain in the United
States, today announced that its board of directors has authorized a $200
million increase to its current share repurchase program. The program,
established in February 2007, now totals $400 million and the term has been
extended through December 31, 2011. As of June 28, 2008, the Company had
purchased 4.0 million shares for approximately $178 million under the program.
Jim Wright, Chairman, President and Chief Executive Officer, stated, "Our
share repurchase program has proven to be an efficient method for returning
capital to shareholders. Given that we have nearly reached the prior
authorization amount, the board of directors determined that it was in the
best interests of the Company and our shareholders to expand the program.
This decision reflects the board's confidence in our financial strength and
the ability to effectively manage our capital structure while continuing to
execute our long-term growth strategy."
The purchases may be made from time to time in the open market or through
privately negotiated transactions at management's discretion, depending on
market conditions and other factors, in accordance with Securities and
Exchange Commission requirements.
About Tractor Supply Company
As of June 28, 2008, Tractor Supply Company operated 814 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.
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 general economic cycles affecting
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.
SOURCE Tractor Supply Company

Anthony F. Crudele, Chief Financial Officer, or Randy Guiler, Director,
Investor Relations, +1-615-366-4600, both of Tractor Supply Company; or
Investors, Cara O'Brien, or Erica Pettit, +1-212-850-5600, both of Financial
Dynamics, for Tractor Supply Company