Tractor Supply, a retail chain that sells home improvement equipment, livestock, and agricultural supplies to farmers and pet owners, is taking steps to eliminate diversity, fairness, and inclusivity as part of its comprehensive environmental, social, and governance transformation. The company announced this week that it is withdrawing its support for the LGBTQ community as part of its measures. In a press release on Thursday, the retailer stated that it will no longer submit data to LGBTQ advocacy organizations. The press release also mentioned that the company will cease sponsoring Pride events and voting activities. Tractor Supply had previously received a perfect score in the Human Rights Campaign Foundation’s 2022 Best Places to Work for Equality Index. The news comes in the final days of Pride Month. Tractor Supply will also be canceling initiatives aimed at reducing environmental impact and increasing employee diversity. The company has set goals to achieve net-zero carbon emissions by 2040 and reduce water usage by 2025. Its DEI goals include a 50% increase in the number of employees of color in managerial positions or higher by 2026. Tractor Supply states that it is making these changes to better represent the values of its communities and customers it serves. According to the company’s data, the retailer primarily serves rural communities and has 50,000 employees across 2,250 stores in 49 states. Tractor Supply stated in the press release, “Rural communities are the backbone of our nation and the reason for America’s greatness. We have heard from our customers that we have let them down. We take this feedback to heart.” The retailer also mentioned that it has invested millions of dollars in veterans’ causes, state fairs, animal shelters, rodeos, and farmers’ markets. It has also invested in the future of rural America by being the largest supporter of the nonprofit organization FFA, which promotes agricultural education for middle and high school students. Tractor Supply was previously listed by Newsweek as one of America’s Greatest Diverse Workplaces for 2023 and was ranked in Bloomberg’s Gender Equality Index for 2022 and 2023. The market valuation of this publicly traded company is approximately $29 billion. CNBC reached out to Tractor Supply for more details about these changes, but the company declined to comment after the announcement. These changes come at a time when the US Supreme Court decided to overturn affirmative action in universities in 2023, and anti-DEI sentiment is on the rise. Experts at the time predicted that this ruling could have implications for corporate hiring practices. Companies such as Starbucks, Disney, and Target are facing legal challenges regarding their DEI initiatives for LGBTQ customers and employees. According to the Associated Press, in February 2023, pharmaceutical giant Pfizer eliminated racial eligibility requirements for scholarships designed for Black, Latino, and Native American college students. Don’t miss out on these insights from CNBC PRO. BTIG’s S&P 500 index suggests that these Nasdaq stocks are expected to decline as the second half of the year begins. Tom Lee of Fundstrat continues to make bullish stock predictions and has set his sights on Nvidia’s chart history, which may indicate a peak for the stock, observing whether Nvidia and other tech companies’ concerning chart patterns mean a sell-off is imminent.
