Rebates set the tone at Do it Best market
Indianapolis -- Do it Best Corp. reported sales growth of 11.2% for fiscal year 2012, and celebrated its ninth consecutive year of $100 million-plus in member rebates.
The Fort Wayne, Ind.-based co-op reported sales of $2.68 billion for its fiscal year ending June 30. Even more interesting to members was the size of the member rebate, which exceeded $100 million for the ninth year in a row. The $115.7 million rebate marks an increase of 9.4% over last year’s end-of-year rebate, and stands as the fourth highest ever.
Five members -- a new record -- earned at least $1 million in rebates for their warehouse purchases throughout the year.
“We are incredibly excited and encouraged by the success of our recent fiscal year and the ability once again to increase our year-end rebates to members,” said CEO Bob Taylor.
The co-op points to operational efficiency, zero debt and low overhead as factors in what it calls its “industry-leading member rebate.”
Other signs of growth at the Do it Best October Market at the Indiana Convention Center include a record level of Sneak Peak sales at the Friday night sales event. Members made $8.6 in purchases in 90 minutes.