True Value reports revenue down slightly in Q2
True Value reported revenue of $594.4 million for the quarter ending June 30, a decrease of 0.4 percent from $597 million for the same period a year ago.
“Strong sales in lawn and garden were a key contributor in the comp-store sales increase,” said president and CEO Lyle Heidemann.
Comparable-store sales were up 1.5 percent in the quarter, and the co-op posted a quarterly net margin of $27 million, an increase of 12.5 percent versus $24 million a year ago.
For the six months ending June 30, True Value reported revenue of $1.08 billion, a decrease of 0.9 percent from $1.09 billion for the same period in 2006. Comp-store sales were up 1 percent in the six-month period.
The 2007 year-to-date net margin was $35.7 million, down 3 percent from $36.8 million one year ago. Last year’s net margin included a $6.3 million one-time gain related to a legal matter.
True Value, headquartered in Chicago, is one of the world’s largest retailer-owned hardware cooperatives with sales of $2 billion in 2006.