True Value Co. released its third-quarter financial results Nov. 16, reporting a 3.3 percent increase in comparable store sales. The co-op also reports comparable sales at Destination True Value stores are up 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,” True Value president and CEO John Hartmann says in the company’s press release.
The co-op reports gross billings of $492.2 million and revenue of $364.4 million for the quarter, which are relatively flat compared to the same period last year, according to the company. The co-op says it expects net margin to increase over last year.
The co-op reports that eight of its nine categories saw increases, including the hardware, lumber and building materials, hand and power tools, farm and ranch, auto, pet and seasonal categories. True Value also says international sales are up 12 percent for the quarter and 18 percent year to date, due to increases in paint sales.
Earlier this year, Hartmann spoke exclusively with Hardware Retailing about the co-op’s financial performance. He also discussed rumors of the co-op being sold.
True Value Co., based in Chicago, is one of the world’s largest retailer-owned wholesale hardware cooperatives, which includes approximately 4,400 independent retailer locations worldwide.