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True Value Company today released its year-end results for fiscal 2016, which included increases in gross billings, retail comp-store sales, net margin and more.
The co-op reported total gross billings of $2,073.7 million for the fiscal year ending Dec. 31, up 2 percent. Revenue was $1,514.1 million, an increase of 1.1 percent or $16.9 million.
The Destination True Value store locations saw larger increases than the rest of the members, with comparable store sales 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 11 of the 12 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,” says 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.”
Additionally, the company reported 101 remodeled stores and 68 completed ground-up stores, which represent 960,000 square feet of retail space. To learn more about what the company plans to implement, read about the recent True Value Spring Reunion, which was Feb. 17-19 in Anaheim, California.
To read the full press release on the co-op’s year-end results, click here.
