True Value points to Q4 momentum
Orlando, Fla. -- Chicago-based hardware co-op True Value Co. reported wholesale revenues increased 2.3% in the fourth quarter of 2010, and retail revenues increased 4.6% for the quarter.
CEO Lyle Heidemann delivered the preliminary results to True Value members during the General Session of the co-op's 2011 Spring & Rental Market held here in Orlando.
"Our fourth quarter results should give us some momentum going into 2011," Heidemann said.
For all of 2010, the co-op is expecting revenue to be about $1.801 billion, down 1.2% from 2009 revenue of $1.823 billion.
The company's audited numbers will be released in late February.
For the full year, True Value's preliminary comparable store merchandise revenue was down 7%. Meanwhile, retail comparable store sales were up 3%.
The strong fourth quarter continued into the first month of 2011. January sales are positive 4.4% at retail and positive 0.9% at wholesale, he said.
Heidemann also suggested it is reasonable to expect some improvement in the macroeconomic picture. "While we don't see the economy getting a lot better, I do feel it will improve over 2010," Heidemann said. An increase in repair and small remodeling projects is also in his forecast for 2011.
The co-op's Spring and Rental Market is the first True Value market to combine its Spring Market, which is usually held in March, with the True Value Rental Market. The event runs through Feb. 2.