Gross billings up 1.4% at True Value
Chicago-based True Value Co. reported gross billings of $455.1 million for the quarter ended Sept. 28, an increase of 1.4% from $448.9 million for the same period a year ago.
Revenue was $346.5 million, an increase of 2.0% or $6.9 million from $339.6 million a year ago. Comparable-store sales to core domestic hardware store outlets were up 2.8% at wholesale and 4.5% at retail for the quarter.
The cooperative posted a quarterly net margin of $18.7 million, an increase of 21.4%, or $3.3 million, versus $15.4 million one year ago. In 2013 alone, 25 new DTV stores have opened and 34 stores have remodeled to the co-op’s proven DTV format.
“We had a solid third quarter," said president and CEO John Hartmann. "We have rebounded from the lackluster spring selling season, which affected most of the country, and are gaining traction with our retailers’ who are adding our new farm, ranch, auto and pet products in their stores. These popular categories are driving incremental business, up more than 17% so far this year.”
For the nine months ended Sept. 28, True Value reported gross billings of $1,442.7 million, an increase of 0.7%, or $9.7 million, from $1,433.0 million for the same period a year ago. Revenue was $1,070.8 million, an increase of 1.2%, or $12.2 million, from $1,058.6 million a year ago.
Comparable-store sales to core domestic hardware store outlets were up 2.0% in the nine-month period. The 2013 year-to-date net margin was $42.9 million, down 6.3%, or $2.9 million, from $45.8 million one year ago. Total debt of $204.3 million was down $1.5 million from one year ago.
“Our strong profit increase in the quarter was the result of the volume increase and favorable mix and margin rates in the home, seasonal and tool departments,” said Hartmann.