“Our first quarter results did not meet our expectations and are not reflective of the direction we are heading with our strategic initiatives,” offered company CEO Tom Kingsbury. “Regular price sales increased year-over-year, with early success in under-penetrated categories, positive trends in our Women’s business, and continued strong growth in Sephora. However, lower clearance sales versus last year represented a more than 600 basis point drag on comparable sales. Importantly, we were able to deliver gross margin expansion, manage inventory down 13 percent and tightly control expenses in the quarter.”

Net sales for the fiscal first quarter ended May 4 decreased 5.3 percent year-over-year to $3.2 billion with comparable sales down 4.4 percent for the period.

Gross margin as a percentage of net sales was 39.5 percent, an increase of 48 basis points.

SG&A expenses decreased 0.8 percent year-over-year to $1.2 billion. As a percentage of total revenue, SG&A expenses were 36.3 percent, an increase of 166 basis points year-over-year.

Operating income was $43 million compared to $98 million in the prior year. As a percentage of total revenue, operating income was 1.3 percent, a decrease of 148 basis points year-over-year.

Net loss was $27 million, or a loss of 24 cents per diluted share, compared to net income of $14 million, or 13 cents per diluted share, in the prior-year comparative quarter.

Inventory at quarter-end was $3.1 billion, a decrease of 13 percent year-over-year.

Operating cash flow was a use of $7 million as compared to a use of $202 million in the prior year.

Updated 2024 Financial and Capital Allocation Outlook
For the full year 2024, which has 52 weeks compared to 53 weeks in the full year 2023, the company’s guidance includes the potential impact of credit card late fee regulatory changes in the second half of 2024. The company currently expects the following:

• Net Sales: A decrease of 2 percent to 4 percent
• Comparable Sales: A decrease of 1 percent to 3 percent
• Operating Margin: In the range of 3.0 percent to 3.5 percent of net sales
• Diluted EPS: In the range of $1.25 to $1.85 per share
• Capital Expenditures: Approximately $500 million, including expansion of the Sephora partnership and other store-related investments
• Dividend: On May 15, 2024, Kohl’s Board of Directors declared a quarterly cash dividend on the company’s common stock of 50 cents per share. The dividend is payable June 26, 2024 to shareholders of record at the close of business on June 12, 2024.
• Debt Reduction: Earlier this month, Kohl’s reported it exercised its right to redeem the remaining $113 million of its 9.500 percent notes due May 15, 2025. The redemption will be completed on June 13, 2024.

Image courtesy Kohl’s

The founders wrote in a letter to industry friends that there remain many familiar faces specialty bike retailers should know from “epic dealer launches, My Kona videos and trail days who dedicated to the cause.”

“Kona’s employees, dealers and our dedicated customers have always been our strongest resource, and they keep on jamming to the beat of their own drum,“ the founders continued. “With this return to being rider-owned and operated, we’re doubling down on our unique brand legacy and getting back to some basics.”

Gerhard and Heilbron wrote that renewing relationships with nearly 1,000-strong North American and European dealer networks is their highest priority.

“Most of us started out in bike shops, and in our eyes, IBDs are our strongest advocates and allies,“ the co-owners wrote. “Healthy retailers are integral to making sure that Kona fans everywhere experience the ride of a lifetime.”

To best honor their dealer relationships, the founders decided to pause direct-to-consumer (DTC) sales for all bikes.

“Konaworld.com will show changes to reflect this, and our social and communications channels will be getting reworked as well once we get things rolling. Bear with us, and we will keep you informed as we move through this transition,“ they explained.

“On the bike side, new Kona inventory is headed to our warehouse and distributors, and alongside the freshly released Ouroboros, we’ve got some incredible bikes in the pipeline that we are looking forward to unveiling. We’re beyond grateful for the support that our suppliers have shown us in this endeavor. Vendors like Fairly Bikes, who have been with us since our first bike in 1988, are a testament to the value of longstanding relationships where people take care of people,“ they wrote.

The founders said they are now positioned to price their bikes much more competitively.

“Private ownership allows us to be more streamlined, more flexible, and quicker on our feet,“ they said. “This, combined with the support of our suppliers, means we can deliver high-quality bikes in a distinctly Kona flavor at super attractive prices. We’ll never do a BOGO Sale again, so don’t ask, but we promise to offer good value for good money, always.“

The founders of Koan Bikes committed that their PNW roots are as strong as ever, with offices in Ferndale, WA, and North Vancouver, BC, continuing to anchor the company “proudly in place.“

“Tenacious, resilient, straight-talking, gritty and sometimes covered in grease, we are committed to keeping the distinctly Kona-flavored bike buzz flowing and helping people find freedom and fun. We are back. We are still here. Let’s ride.

“Welcome back to the smallest biggest bike company in the world,“ the founder concluded in the open letter.

Image courtesy Kona Bikes

***

See below for more on the acquisition and feedback from Kent Outdoors.

Kent Outdoors Divests Kona Bikes to Founders-Led Group

Kent Watersports Rebrands To Kent Outdoors, Acquires BOTE And Kona Bicycles

Revelyst, a segment of Vista Outdoor, Inc., is separating into a stand-alone public company, with an expected execution date later this year. As part of the process, Revelyst said it is “working to unlock its potential by directing resources to better meet consumer demand, synergizing and prioritizing strength in supply chain and doubling down on the equity and innovation of the company’s industry-leading brands.”

Revelyst launched Gear Up in the fiscal third quarter, “quickly actioning the plan to simplify the company’s business model, deliver increased efficiency and profitability from that simplified structure, and reinvested in its highest potential brands to accelerate growth and transformation.” These actions are in motion and will have an estimated $100 million of realized annual cost savings by fiscal year 2027; this is in addition to the previously announced $50 million cost restructuring program, of which $25 million in savings was related to Revelyst, for a total of $125 million in expected run-rate cost savings.

The company said it continues to make progress on Gear Up and is executing against the previously outlined goals. Gear Up actions announced today include:

• Expanding select roles to take on cross-brand scope as the company identifies synergies across each platform;
• Bringing together teams at dedicated platform locations to drive the culture necessary to achieve brand goals; and
• Eliminating duplicative roles as the platforms consolidate.

As part of these measures, the company will close offices in Petaluma, CA; Overland Park, KS; Eagle, CO; and Madison, MS. Revelyst is consolidating teams across core locations, including:

• The Adventure Sports platform, led by Jeff McGuane, will consolidate in Irvine, CA;
• The Outdoor Performance platform, led by Jordan Judd, will consolidate in Bozeman, MT; and
• The Precision Sports and Technology platform, led by Jon Watters and Scott Werbelow, will consolidate in San Diego, CA.

“While our business is stable, headwinds exist, and we need to make changes to grow and meet the financial plans we’ve established and believe in,” said Eric Nyman, CEO of Revelyst. “Our bold and decisive actions to unlock the potential for Revelyst have us on the right path. Previous ways of working need to be challenged and adjusted to position us to where we aspire to be.

“The decisions to close offices and reduce headcount aren’t taken lightly, and though they are intended to position us for the future, we understand that they are difficult in the immediate,” Nyman continued. “I have incredible confidence in our ability to transition through this and gain strength because of it. Gear Up is an integral component for transforming Revelyst into the world’s No. 1 house of brands.”

Platform Overview

• Precision Sports and Technology: Foresight Sports and Bushnell Golf.
• Adventure Sports: Fox Racing, Bell Helmets, Giro Sport Design, CamelBak, QuietKat Electric Bikes, Blackburn and more.
• Outdoor Performance: Simms Fishing Products, Bushnell, Blackhawk, Stone Glacier, Camp Chef, Primos, and more.

Image courtesy Simms Fishing

For more information on the company’s fiscal third quarter and outlook for the year, go here:

EXEC: Vista Outdoor Reaffirms Guidance; Work Toward Split Continues

The retailer invited the greater Northeastern Ohio community to the ribbon-cutting ceremony and weekend-long event for the retailer’s seventh store in the state, highlighted by fishing and hunting celebrity appearances, family activities, and other planned events.

The 93,000-square-foot space sells gear, clothing and accessories for fishing, hunting, camping, and boating.

“We are thrilled to open a brand-new store in Northeastern Ohio, home to incredibly passionate sportsmen and women who love the outdoors as much as we do,” said noted conservationist, legendary angler and Bass Pro Shops founder Johnny Morris. “We’re excited to expand our ability to serve them while showcasing our iconic outdoor brands, including Bass Pro Shops, Cabela’s and Tracker Boats and ATVs.”

For every dollar spent during the retailer’s “Evening for Conservation,” 10 percent will be donated to local conservation organizations. The outdoor and conservation company has a longstanding history of conservation support in Ohio, including the Ohio Department of Natural Resources Division of Wildlife and its work conserving the state resources. In the past three years, the company granted over $100,000 to local organizations and conservation projects through the Bass Pro Shops and Cabela’s Outdoor Fund.

Photo courtesy Bass Pro Shops

The new Retail Monitor partnership reported that total October retail sales, excluding automobiles and gas, were down 0.08 percent from September and up 2.57 percent year-over-year (YoY). That compares sequentially with increases of 0.23 percent month-over-month (MoM) and 4.93 percent year-over-year in September.

The Retail Monitor calculation of core retail sales, which excludes automobile dealers, gasoline stations and restaurants to focus on core retail, shows that retail sales were essentially flat, coming in marginally down 0.03 percent seasonally-adjusted from September and up 2.63 percent year-over-year, unadjusted. In September, core retail sales were up 0.09 percent month-over-month and up 4.39 percent year-over-year.

October sales were reportedly up in five out of nine retail categories on a yearly basis, led by non-store, sporting goods/hobby/music/bookstores, and health and personal care, and up or unchanged in four out of nine categories on a monthly basis. Specifics from key sectors include:

• Online and other non-store sales were up 1.18 percent MoM seasonally-adjusted and up 29.1 percent YoY unadjusted.
• Sporting goods, hobby, music and bookstores were up 1.45 percent MoM seasonally-adjusted and up 8.88 percent YoY unadjusted.
• Health and personal care stores were up 0.77 percent MoM seasonally-adjusted and up 5.98 percent YoY unadjusted.
• Food and beverage stores were up 0.23 percent MoM and up 2.59 percent YoY unadjusted.
• General merchandise stores were down 0.57 percent MoM seasonally-adjusted and down 1.57 percent YoY unadjusted.
• Clothing and accessories stores were down 0.78 percent MoM and up 2.72 percent YoY unadjusted.
• Building and garden supply stores were down 0.5 percent MoM and up 0.89 percent YoY unadjusted.
• Furniture and home furnishings stores were down 1.29 percent MoM seasonally-adjusted and down 5.24 percent YoY unadjusted.
• Electronics and appliance stores were down 1.38 percent MoM seasonally-adjusted and down 4.66 percent YoY unadjusted.

The CNBC/NRF Retail Monitor reportedly leverages Affinity Solutions’ data from more than 140 million credit and debit cards, with nearly nine billion transactions totaling more than $500 billion in annual spending, to measure the monthly and annual change in U.S. retail sales.

“The CNBC/NRF Retail Monitor will provide comprehensive, granular and timely insights that measure monthly retail sales and gauge the state of the retail industry, the consumer and the broader economy,” said NRF President and CEO Matthew Shay. “The CNBC/NRF Retail Monitor will modernize how retail sales are tracked and measured, and Affinity Solutions’ vast dataset of how, what and where the consumer is spending will identify how key demographics and channels are performing for the industry generally and for specific retail sectors.”

The Retail Monitor data will be announced approximately one week prior to the U.S. Census Bureau’s Retail Sales figures. CNBC, First in Business Worldwide, will provide an in-depth analysis of the monthly retail sales findings across CNBC’s multiple platforms.

The CNBC/NRF Retail Monitor is a product that was jointly developed by CNBC and NRF’s new Center for Retail & Consumer Insights, together with Affinity Solutions. CRCI is NRF’s hub for data-driven insights into the modern retail industry and the consumers who drive it.

Photo courtesy CNBC

“Our goal in designing the VIA Olympus 2 was to make the ride softer while ensuring that we weren’t sacrificing performance or responsiveness”, said Alex Lind, senior product line manager.

VIA Olympus 2 offers a softer Altra Ego Max midsole underfoot and an Ortholite X55 footbed for an improved step-in feel—a “refined” molded heel collar and “plush” upper offer a more secure fit.

“It’s easy to get lost in a plush max cushion, so we’ve been very strategic and purposeful with our changes to the Altra Ego Max midsole foam to enhance the cushioned feel and keep runners feeling fast and moving forward—no compromises on performance here,” said Lind.

The VIA Olympus 2 also features a 33mm stack height rocker geometry to “encourage an efficient toe-off.” Altra’s natural fit wide toebox and zero drop give ample room for natural movement and running form.

The VIA Olympus 2 is available in five colors for men and women.

Photo courtesy Altra

Fila brand retail sales posted low-teens positive growth in the quarter compared to the year-ago period.

All Other Brands, including Descente and Kolon Sport but excluding Amer Sports Corp.’s businesses under Amer Sports Holding, (Cayman) Ltd.’s joint venture, saw retail sales of all other branded products increase 70 percent to 75 percent versus the comparable period in 2022.

The growth trend for the Anta brand retail the All Other Brands retail trend for the quarter accelerated from the first-half trend, while the Fila brand retail trend contracted in Q3 from its first-half trend.

The company previously reported retail sales for the Anta brand for the first half of 2023 increased in mid-single-digits compared to H1 2022. Fila brand retail sales posted positive mid-teens growth compared to the year-ago period. All other brands, including Descente and Kolon Sport but excluding Amer Sports Corp.’s businesses under the joint venture of Amer Sports Holding (Cayman) Ltd., saw first-half retail sales increase 45 percent to 50 percent versus the comparable period in 2022.

Retail sales refer to the revenue, inclusive of value-added tax, if any, derived from sales to consumers transacted in brick-and-mortar stores (offline channel) and on e-commerce platforms (online channel), part of which being owned and operated by the Group and the rest being owned and operated by the Group’s distributors, franchisees and/or the distributors’ franchisees. Accordingly, retail sales do not represent the Group’s total revenue, and the Group considers the same to be a business operational indicator of the various brands of the Group.

“I’m thrilled to have Gregg join our team as chief legal officer for the entire Fanatics global enterprise,” said Michael Rubin, Fanatics CEO. “Gregg is an incredibly strategic legal executive with deep expertise that spans more than 20 years across M&A, regulatory and compliance functions. He will be an invaluable asset as we scale our collective businesses to become the leading digital sports platform for fans worldwide.”

Before his advisory role with Fanatics, Winiarski was the EVP and general counsel for the tech and media company IAC, responsible for overseeing legal, compliance, government affairs, and human resource functions. Before IAC, Winiarski was an associate with Skadden, Arps, Slate, Meagher & Flom, LLP. He began his career as a certified public accountant with the consulting firm Ernst & Young.

Winiarski previously served on the Boards of Directors of Match Group, ANGI, Inc. and several other privately held companies. In addition to his role at Fanatics, he works as an adjunct professor at Fordham University’s Gabelli School of Business. Winiarski is based in New York.

Photo courtesy Fanatics

Shipment volumes in the three months ended March 31 decreased 31.4 percent year-over-year due to “a high base effect with the Group’s manufacturing business running at a full utilization rate during the year-ago period, and with certain Sports and Casual customers clearing their excess inventory during the first quarter of 2023.”

Average selling prices increased by 7.5 percent year-on-year due to changes in the Group’s product and customer mix.

The Group’s unaudited consolidated profit after tax is in line with the company’s expectations and indicates that it remains confident in reaching the medium-term goals of its Three-Year Plan (2023 to 2025), achieving an operating margin of 10 percent and low-teens annualized growth rate on profit after tax by the end of 2025.

Chi Lo-Jen, CEO of the Group, said, “While the revenue in the first three months of 2023 decreased, our profit after tax was in line with our expectations due to better customer mix and operational efficiencies. We expect our order book in the first half of the year to be impacted as some of our major customers deal with inventory challenges. That said, the removal of COVID-19 restrictions in China from late 2022 may lead these customers to increase their ordering activity in the second half of the year.”

Lawrence Chen, chairman of the Group, said, “Our three-year growth and margin expansion plan remains on track as our new Luxury and high-end Fashion customers continue to grow their orders. We remain optimistic about our long-term prospects.”

Effective immediately, Krystal Zell assumed the CEO role at Tonal, succeeding company founder Aly Orady who transitioned to chief technology officer.

Zell joined Tonal in July 2022 as president with over 20 years of experience driving customer-centric growth working for companies in the retail and hospitality industries, including The Home Depot and Starwood Hotels & Resorts Worldwide, Inc.

Orady said, “This is an exciting moment for Tonal, our members and our team. As we embark upon this next stage of our journey, I am filled with confidence as I hand the reins over to Krystal. A proven executive at scale, Krystal is an exceptional collaborator and fierce advocate for our members, always putting customers at the center of our business. I look forward to continuing our partnership as I focus on the next phase of technology and product development.”

Jon Owsley, managing partner at L Catterton’s Growth Fund, on behalf of the investor group, said, “We are passionate about the long-term opportunity for connected fitness to transform the consumer’s health journey, and we believe Tonal is truly unique in its ability to deliver an incredibly engaging technology-enabled personalized strength training experience easily accessible in the home. We look forward to continuing to support Tonal and are excited about the deep experience Krystal brings to the leadership team as Tonal builds on its current foundation and drives forward into the future.”

Photo courtesy Tonal

NSSF sees this as a positive development in that the major credit card companies have recognized the hazards of implementing this special MCC for purchases at firearm retailers; however, this is an announcement of a pause, not an abandonment of these special codes.

The banks involved are suggesting the pause is due to pending legislation in a number of “red” states that would complicate the implementation of the program.

Photo courtesy Getty

Consolidated gross profit margin for the second quarter was 12.1 percent of sales, a decrease of 530 basis points when compared to the second quarter of fiscal year 2022 and a 330 basis point decrease when compared to the second quarter of fiscal year 2021.

Net income attributable to Thor Industries and diluted earnings per share for the second quarter of fiscal 2023 were $27.1 million and 50 cents a share, respectively, compared to $266.6 million and $4.79 a share, respectively, for the prior-year period and $132.5 million and $2.38, respectively, for the second quarter of fiscal 2021.

North American Towable RV
North American Towable RV net sales were down 58.2 percent for the second quarter of fiscal 2023 compared to the prior-year period. The decrease was driven primarily by a 64.6 percent decrease in unit shipments, partially offset by net selling price increases and a change in product mix. The decrease in unit shipments is primarily due to a softening in current dealer and consumer demand in comparison with the unusually strong second-quarter demand in the prior-year quarter, which included independent dealers restocking their lot inventory levels.

North American Towable RV gross profit margin was 6.4 percent of sales for the second quarter of fiscal 2023, compared to 19.0 percent in the prior-year period. The decrease in gross profit margin for the second quarter was primarily driven by higher manufacturing overhead costs as a percentage of sales due to the reduction in sales and an increase in sales discounts. Warranty costs as a percentage of sales also increased.

North American Towable RV loss before income tax for the second quarter of fiscal 2023 was $7.1 million, compared to income before income tax of $275.9 million in the second quarter last year, driven by the decrease in North American Towable net sales and the decline in the gross margin percentage.

North American Motorized RV
North American Motorized RV net sales decreased 24.4 percent for the second quarter of fiscal 2023 compared to the prior-year period. The decrease was driven primarily by a 26.3 percent decrease in unit shipments, partially offset by net selling price increases and a change in product mix.

North American Motorized RV gross profit margin was 14.5 percent for the second quarter of fiscal 2023, compared to 16.0 percent in the prior-year period. The decrease in gross profit margin for the second quarter was primarily driven by an increase in overhead costs as a percentage of sales and higher warranty costs.

North American Motorized RV income before income tax for the second quarter of fiscal 2023 decreased to $61.5 million compared to $104.0 million a year ago, driven by the decrease in North American Motorized net sales.

European RV
European RV net sales decreased 10.6 percent for the second quarter of fiscal 2023 compared to the prior-year period, driven by a 15.3 percent decrease in unit shipments due primarily to continuing chassis supply constraints. The decrease due to the foreign exchange rate decline of 7.1 percent was more than offset by net selling price increases and product mix changes.

European RV gross profit margin was 14.1 percent of net sales for the second quarter compared to 12.5 percent in the prior-year period. This improvement in gross profit margin for the quarter was primarily driven by net selling price increases, product mix changes and improved warranty costs, partially offset by an increase in overhead costs as a percentage of sales.

European RV income before income tax for the second quarter of fiscal 2023 was $12.0 million, compared to net income before income tax of $9.7 million during the second quarter of fiscal 2022. The improvement in income before income taxes was primarily driven by the improvement in the gross margin percentage, partially offset by the decrease in European RV net sales.

“Our fiscal second quarter presented a challenging market environment. Against this backdrop, our financial results and actions are a testament to our ability to operate in such a dynamic and challenging environment,” said Bob Martin, president and CEO of Thor Industries. “Our resilient second quarter performance demonstrates the strength of Thor’s diverse product offering, the experience of our management teams and the success of our variable cost model. Despite the challenging quarter, Thor generated positive cash flow and maintained an already strong liquidity profile, positioning Thor to operate from a position of financial strength as we move beyond our second quarter.”

Outlook
“While macroeconomic uncertainties continue to exist in the segments and geographies we serve, we have high confidence in our operating teams, flexible business model and execution strategy. Our first half of fiscal 2023 performance reinforces our discipline to remain focused on what we can control. Looking ahead to the second half of fiscal 2023, we intend to maintain that same discipline to navigate this challenging near-term environment while positioning THOR to be an even stronger company when the market recovers,” added Martin.

Fiscal 2023 Guidance
While positive sentiment and strong underlying interest for the RV lifestyle remain undeterred, we expect near-term demand will continue to be influenced by current macroeconomic conditions. Given the impact of the softer market during our second quarter and our expectation that macroeconomic pressures will persist through the balance of our fiscal year, we are revising our full-year guidance. Our revised guidance anticipates that higher interest rates, elevated prices, and a full North American dealer inventory will result in slower product pull-through for the balance of our fiscal year. Nevertheless, our teams have consistently responded to dynamic market conditions as we aim to optimize our business to expected demand conditions. Our teams are executing at a high level, and we are well-positioned to deliver on our revised fiscal 2023 outlook.

For fiscal 2023, the company’s updated full-year guidance now includes:

• Consolidated net sales in the range of $10.5 billion to $11.5 billion (previously $11.5 billion to $12.5 billion);
• Consolidated gross profit margin in the range of 13.4 percent to 14.2 percent (previously 14.2 percent to 14.9 percent); and
• Diluted earnings per share in the range of $5.50 to $6.50 (previously $7.40 to $8.70 a share).

The recalled probes can fail to operate when rescuers deploy the equipment, posing a risk of severe injury or death to a person buried under snow following an avalanche. 

The recall was announced on February 16, 2023.

Consumers are advised to stop using the recalled probes, contact Klim by email at orders@KLIM.com and enter “A300 Probe Recall” in the subject line to receive a full refund. Klim will send consumers free shipping material and a pre-paid shipping label to return the probes. 

KLIM is contacting all purchasers directly.

About 3,930 units are covered in the U.S. recall and about 400 in Canada.

The Board of Directors elected long-standing member Edna Morris as Chairman of the Board. Morris succeeds Cynthia Jamison, who is retiring, effective May 11, 2023, following the company’s 2023 Annual Meeting of Stockholders. 

Additionally, Tom Kingsbury resigned, effective February 6, 2023, as a member of the Board of Directors to focus on his new role as CEO at Kohl’s Corporation.

“On behalf of the Board of Directors, we thank Cindie for over two decades of distinguished service to Tractor Supply. Her exceptional track record has served our stakeholders well and helped position us for future growth. We are deeply appreciative of Cindie’s numerous contributions to Tractor Supply and wish her and her family the very best. We also appreciate Tom’s dedication to Tractor Supply and extend our best to him in his future endeavors,” said Morris.

Morris continued, “I am incredibly honored and humbled to assume the role of Chairman of the Board. I look forward to continuing to work alongside Hal and the leadership team to drive strong shareholder value and capitalize on the momentum we have behind our Life Out Here strategy. Hal and the team have delivered strong financial performance, including record revenue and profitability in 2022. He has proven to be a strategic and innovative leader with a deep passion for and commitment to Tractor Supply’s Mission and Values. The Board of Directors is excited for Hal to continue to lead the business into the future and execute on our strategy.”

Chairman-Elect Morris brings 18 years of service on the Tractor Supply Board of Directors and more than 40 years of executive leadership in restaurant and investment organizations of various sizes and types, in different growth stages and with wide-ranging corporate cultures, business models and leadership styles. At Tractor Supply, Morris currently serves as chair of the Compensation Committee and as a member of the Corporate Governance and Nominating Committee.

Jamison has served as a director of the company since 2002. During her tenure on the Board, she has served as chairman since 2014 and was the company’s lead independent director from 2010 to 2014. Her previous positions on the Board include Audit Committee Chair, Compensation Committee Chair and Corporate Governance Chair.

Jamison commented on the announcement, “Serving on the Tractor Supply Board of Directors has been a highlight of my career. I am proud to have been part of the Board and to work alongside such a talented leadership team. With a strong culture and a commitment to its Mission and Values, it has been an honor to be part of Tractor Supply’s journey over the past 20 years. I believe Tractor Supply is a vibrant and growing company with great opportunities ahead.”

Kingsbury commented, “It has been a pleasure to work with the Board and management team at Tractor Supply. I believe the company is well-positioned for the future as I transition to focus on my responsibilities at Kohl’s.”

Employment Agreement For President and CEO Hal Lawton
The Board of Directors of Tractor Supply agreed with Lawton to extend the terms of his employment contract for another three years to 2026, with an evergreen extension.

“This is an exciting time to be leading Tractor Supply as we celebrate our 85th anniversary this year. I am grateful for the opportunity to continue to build on our resilient and proven business model. Together with our Board, our leadership team and more than 50,000 incredibly dedicated Team Members, I believe we are well-positioned to continue to deliver long-term growth and value creation,” said Lawton.

Since Lawton joined Tractor Supply in January 2020 as president and CEO, the company has embarked on its Life Out Here strategy to become a more integral part of its customers’ lives. Under his leadership, net sales have increased by 70 percent, and diluted earnings per share have grown over 200 percent.

The U.S. openings in 2022 include Los Angeles (GolfTec West LA), San Diego (GolfTec Mission Valley), Phoenix (GolfTec Tempe and GolfTec Biltmore), Las Vegas (GolfTec Northwest Las Vegas), Houston (GolfTec Houston Heights). Atlanta (GolfTec Midtown Atlanta), Boston (GolfTec Natick and GolfTec Waltham) and others. GolfTec also opened centers in two new communities, Western New York (GolfTec Buffalo) and Arkansas (GolfTec Little Rock).

In 2022, GolfTec relocated 12 training centers from existing locations, and built new facilities to improve the student experience in each market. Relocated centers include GolfTec La Quinta (California), GolfTec Bellevue (near Seattle), GolfTec Reno, NV, GolfTec Houston Galleria, and GolfTec Montgomery Plaza (Fort Worth), among others.

As part of the 25 new locations, seven new centers were opened in the fourth quarter of 2022, including GolfTec Tacoma ( Seattle), GolfTec Lehi (Salt Lake City), GolfTec Allen (Dallas), GolfTec Cypress (Houston), GolfTec KCK (Kansas City), GolfTec Little Rock (Arkansas), and GolfTec Midlothian (Richmond).