This week, True Value Company reported both revenue and gross billings increases for the first nine months of 2016.
The home improvement co-op posted year-to-date gross billings of $1.59 billion as of Oct. 1, up 1.6 percent or $25.6 million. Revenue was $1.16 billion for the first nine months of the year, for an increase of 0.7 percent or $7.7 million.
The cooperative posted a net margin of $20.5 million, up 88.6 percent from a year ago. The growth was driven primarily by continued efficiencies in lower inventory provision and adjustments, advertising costs and freight-in expenses, according to the company.
“Despite a soft retail environment, True Value members continue to see the benefits of our strategic plan unfold as they grow their business and engage their markets,” president and CEO John Hartmann says. “Our continued strong growth in net margin shows that we are making clear and steady progress.”
Retail comparable store sales were up 1.5 percent. Leading categories were farm, ranch, auto and pet, lawn and garden and paint. On a gross billings basis, wholesale comparable store sales were flat relative to last year.
To read about the co-op’s quarterly results from earlier this year, click the following links: