TRUE VALUE COMPANY ANNOUNCES THIRD QUARTER RESULTS
November 15, 2017
Continued Increase in Retail Sales
- DTV retail comparable store sales up 4.2 percent
- Retail comparable store sales up 3.3 percent
- Revenue of $364.4 million, up 0.3 percent
- On target for increased Patronage Dividend
CHICAGO, November 15, 2017 – True Value Company, one of the world’s largest retailer-owned hardware cooperatives, today reported retail comparable sales up 3.3 percent for the quarter with even greater DTV retail comparable sales at 4.2 percent. “We are very pleased to see these overall results for our retailers and this reinforces the improved sales seen by retailers that have implemented relevant remodels,” said President and Chief Executive Officer John Hartmann.
Gross billings of $492.2 million and revenue of $364.4 million in the quarter were relatively flat to the same period last year. Net margin in the quarter resulted in our year-to-date net margin being essentially flat to last year. For the full year, True Value anticipates delivering both an increased Net Margin and Patronage Dividend over last year.
“With landfall of three major hurricanes in the quarter, I would like to thank our associates and suppliers for their round the clock collaboration ensuring our retailers had what they needed to prepare and then quickly begin recovering from these devastating storms,” Hartmann said. “Our retailers demonstrated that during challenging times and always, they are there to support the communities they serve.”
The cooperative posted increases in eight of the nine product categories, led by Hardware, Lumber & Building Materials followed by Hand & Power Tools, Farm & Ranch, Auto & Pet, and Seasonal. International continues to experience strong growth with warehouse sales up approximately 12 percent in the quarter and 18 percent year to date, with paint sales driving a significant portion of the growth.