In line with its growth initiatives, Tractor Supply CompanyTSCO along with Citi Retail Services made announcement of a multi-year extension of their existing credit card relationship.
Citi Retail Services, a wing of the leading global bank Citi C , operates as a provider of commercial and consumer credit card products, including both co-branded and private label, to North American clients and retailers. Alongside, it provides them with innovative digital choices, multi-channel retailing knowledge and industry-leading analytical capabilities, to facilitate their business expansion.
As a result of these exceptional services, Citi Retail Services has been associated with various other companies like Best Buy Co. Inc. BBY , Macy's Inc. M , The Home Depot Inc. and Sears among others. In fact, prior to the extension of its deal with Tractor Supply, Citi Retail Services had tapped new opportunities by entering into deals with Brooks Brothers, Volkswagen USA and CNH Industrial, apart from announcing five contract renewals over the past eight months.
Coming to Tractor Supply, Citi Retail Services has been benefiting this retailer's customers for nearly 15 years now, as the partnership between the two companies dates back to 2000. The extension of this valuable relationship is likely to enable Citi Retail Services to enhance Tractor Supply's core marketing strategies, by offering reasonable financing plans and serving customers better.
This is ultimately expected to take Tractor Supply forward by supporting its growth initiatives, which mainly include the expansion of its store base and adoption of technological advancements to induce traffic and in turn drive the top line.
This rural lifestyle chain currently operates more than 1,400 stores across 49 states, generating annual revenues of roughly $5.7 billion. With its extensive store network, the Zacks Rank #3 (Hold) company penetrates into target markets, which in turn, enable it to generate healthy sales and gain market share.