Tractor Supply Sees Tax Returns Going to Essentials, not Grills

Tractor Supply kicked off earnings season today to give us an early update on the consumer heading into grilling season. It was a bit of a mixed bag, they’re seeing some struggles but also early positive signs in seasonal categories.

One potential tailwind they mentioned on their previous earnings call was an increase in tax returns leading to increased spending. Consumers often use cash windfalls for discretionary purchases that they wouldn’t buy others, a category that grills fall into.