True Value Company announced its third-quarter results this week, reporting revenue and same-store sales growth.
The co-op’s revenue was $365.5 million for the quarter, an increase of 4.2 percent from the same period in 2014.
Destination True Value comparable store sales were up 5 percent year to date. The Destination True Value store format is the co-op’s custom store design that incorporates traffic patterns, merchandising layout plans and attention-getting signage.
Retail comparable store sales were up 3.1 percent in the quarter and 3.4 percent year to date. Growth in nine of the company’s product categories were led by Hand & Power Tools, Seasonal and Farm Ranch Auto & Pet.
The cooperative planned for a decrease in net margin in 2015 driven by investment expenses incurred in connection with implementing the company’s strategic plan.
“Our third quarter results show that True Value is on the move, as we continue to focus on engagement, growth and efficiency,” president and CEO John Hartmann says. “The investments in areas such as brand awareness and national advertising, product assortments and customer service training are helping to continually drive our members’ growth and profitability.”
Among the co-op’s changes in 2015 was having Busy Beaver Home Improvement Centers join as one of its newest members. Founded in 1962, Busy Beaver operates 16 home improvement centers throughout Pennsylvania, Ohio and West Virginia.
“Welcoming members like Busy Beaver to the True Value family supports our strategic pillar of growth, and enhances our ability to better serve customers throughout the U.S. and strengthens the entire co-op,” Hartmann says.