I have been a stockholder of TSC off and on over the years, so I look at it from a different angle. Most of y'all have picked up on the fact that they cater to the hobby farmer, the weekender, the pet owner, and occasionally to the hard core rancher that needs something on Sunday afternoon. Their lubricants, feed, sprayer fittings etc. aren't the cheapest but like gas on a interstate, you pay for the convenience and the working hours. In essence, they are a convenience store. They even sell gas although it is Propane.
Some stores are better than others. The quality of the panels, fence posts and gates vary because they are sourced locally. Here in Central Texas, the posts and wire panels are top notch, the gray gates, and tube panels they sell are junk.
They do well in smaller towns where their is no competition. They company knows its customers very well and as a result, it is a very successful business in a niche market. They take a lot of business from the Petsmart type stores. Their pet food business is huge and the margins are large.
Take them for what they are. The hard core rancher/farmer is not their target customer but they welcome them. Their big business is the suburban mom with a couple kids, a dog, a rabbit, a garden and maybe a few chickens.