March 15, 2017

CHICAGO, March 15, 2017 – True Value Company, one of the world’s largest retailer-owned hardware cooperatives, today reported total gross billings of $2,073.7 million for the fiscal year ending Dec. 31, 2016, up 2.0 percent or $40.5 million compared to the prior year. Revenue was $1,514.1 million, an increase of 1.1 percent or $16.9 million.

Destination True Value (DTV) comparable store sales were up 3.7 percent for the fiscal year. The company also experienced its sixth consecutive year of increased annual sales and third year of sales from new stores exceeding the lost sales from terminated stores.

Total retail comparable store sales were up 2.5 percent with increases across eleven of the twelve regions in the country and six of nine merchandise categories, led by Farm Ranch Auto & Pet, Lawn & Garden, and Paint.

In 2016, True Value completed its second full year in the implementation of its strategic plan, achieving a double-digit increase in net margin over the prior year. As planned, the company will deliver an increased patronage dividend for the year.

“True Value is two years into executing a plan that will serve our retailers’ needs and ensure their long-term growth and profitability, making them relevant for generations to come,” said President and CEO John Hartmann. “We have broken a nearly decade-long trend of negative net new sales growth; for the past three consecutive years, the sales volume from our new stores has exceeded sales from terminated stores. I am proud of our accomplishments in the areas of growth, infrastructure improvements, product assortments and operations.”

In 2016, True Value’s targeted initiatives and investments led to:

Download 2016 Year-End Results Infographic