Tractor Supply Company TSCO eliminated DEI roles and retired its current DEI (Diversity, Equity, and Inclusion) goals while ensuring a respectful environment.
The company also withdrew its carbon emission goals to focus on land and water conservation efforts, the company said in a statement.
“We have heard from customers that we have disappointed them. We have taken this feedback to heart,” the company said in the statement.
Tractor Supply is also planning to further focus on rural American priorities, including ag education, animal welfare, veteran causes, and being a good neighbor, and stop sponsoring nonbusiness activities like pride festivals and voting campaigns.
The decisions, following weeks of social media criticism from a prominent conservative political commentator, mark one of the most significant pullbacks by a corporation from progressive initiatives, The Wall Street Journal reported. This is because many companies are reassessing their support for various causes.
Tractor Supply’s customer base primarily consists of individuals from rural areas who are predominantly male.
This demographic differs from the general customer base of big-box retailers like Walmart Inc. WMT and Target Corporation TGT, the report read.
Many of Tractor Supply’s customers reside in regions that typically support conservative political candidates.
Earlier this month, Tractor Supply faced a surge in complaints from conservative activists regarding its DEI efforts, initially on X and subsequently on other social-media platforms.
According to Benzinga Pro, TSCO stock has lost over 5% in the past month.
Some critics threatened to boycott the brand, employing tactics aimed at pressuring companies to respond. This campaign was spearheaded by conservative political commentator and filmmaker Robby Starbuck, who urged his followers to patronize alternative businesses.
“Your trust and confidence in us are of the utmost importance, and we don’t take that lightly,” Tractor Supply said.
Investors can gain exposure to the stock via Invesco Building & Construction ETF PKB and VictoryShares Nasdaq Next 50 ETF QQQN.
Price Action: TSCO shares are trading higher by 0.54% to $269 premarket at last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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