Do it Best in 2011: Sales and rebates rise
Fort Wayne, Ind.-based Do it Best Corp. reported net sales of $2.33 billion for the year ended June 25, 2011, an increase of 1.4% over the previous fiscal year.
Other data from the company's income statement showed gross profit for fiscal 2011 of $176.8 million, up 3.4% from $171 million last year.
Net income slipped to $458,000 from $955,000. But the figure perhaps most interesting to the co-op's member retailers is the total shareholders refund, which increased to $105.8 million, up from $100.6 million in 2010.
In his president's message, CEO Bob Taylor described some expense increases. "We did experience some significant expense increases this year in areas like health care, outbound freight and in efforts related to some of our key initiatives, but we were still able to hold the overall rise to just one-half of one percent," he said.
Another sales tally of note from the co-op deals with its "Sneak Peek" sales event during its Fall Market in Indianapolis earlier this month. The event generated $7.9 million in sales, a new record for the co-op's pre-market sales event.