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Earlier this week, True Value Company reported gross billings of $494.0 million for the quarter ending April 4, up 7.4 percent or $33.9 million from the same period a year ago. Revenue was $353.8 million, an increase of 6.7 percent or $22.3 million.
Wholesale comparable store sales, on a gross billings basis, were up 6.1 percent in the quarter. Retail comparable store sales were up 5.3 percent in the quarter, with increases in eleven of twelve regions of the country and in all of the cooperative’s nine product categories, led by seasonal, farm and ranch, automotive, pet and lawn and garden.
The cooperative planned for a loss in the first quarter of 2015, posting a net loss of $1.7 million, down $2.6 million compared to net margin of $0.9 million from a year ago. The net margin decrease was driven by planned investment expense incurred in connection with the implementation of the strategic plan and was partially offset by the sales increase.
“Our strategic plan is already driving positive change across the cooperative,” says John Hartmann, president and CEO of True Value Company. “Our first-quarter sales performance shows solid year-over-year improvement, reflecting our intense focus on relevant product assortments and brand building. Not only did our company’s revenue increase, but we saw an uptick in nearly all of our product categories.”
During the first quarter, True Value continued to grow its square footage and retailer base. In the three-month period, the company added 256,000 square feet of relevant retail space, continuing its commitment to grow Destination True Value and other relevant formats in its network.
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