Do it Best emphasizes positive financial metrics
In a statement released today, the co-op pointed to gross sales of $2.38 billion, down 3.1% from a year ago. Sales were down 10.8% in the first half of the fiscal year, but were buoyed by a 5.8% increase in the second half.
Gross sales per employee at Do it Best Corp. remained at an industry high of $1.76 million, twice that of its nearest competitor, according to the co-op.
President and CEO Bob Taylor noted the company maintained strong expense control during the year and continued to benefit from technology innovations such as voice pick, which helped trim warehouse returns and allowances by 11.1%. Meanwhile, outbound freight expenses were reduced by 4.2%, he said.
Do it Best also pointed to continued growth of the industrial/commercial sector. The InCom division at Do it Best Corp. continued to outperform the market and delivered exceptional results, the co-op said. The division added 60 new members and grew sales by 8.4% this past year. The lumber division was also a bright spot, as sales jumped 7.2% for the year.