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True Value reported revenue of $346.5 million, an increase of 2.0 percent or $6.9 million from $339.6 million a year ago.
The company attributes the growth to its growing Destination True Value (DTV) retail footprint and increased wholesale sales; the cooperative posted a quarterly net margin of $18.7 million, an increase of 21.4 percent or $3.3 million, versus $15.4 million one year ago. In 2013 alone, 25 new DTV stores have opened and 34 stores have remodeled to the co-op’s proven DTV format.
“We had a solid third quarter. We have rebounded from the lackluster spring selling season which affected most of the country, and are gaining traction with our retailers who are adding our new farm, ranch, auto and pet products in their stores,” said President and Chief Executive Officer, John Hartmann. “These popular categories are driving incremental business, up more than 17 percent so far this year.”
Comp-store sales to core domestic hardware store outlets were up 2.8 percent at wholesale and 4.5 percent at retail for the quarter.
“Our strong profit increase in the quarter was the result of the volume increase and favorable mix and margin rates in the home, seasonal and tool departments,” Hartmann said. “We are also building on the momentum of converting members from other co-ops and the addition of 580,000-square feet of new and remodeled DTV retail space.”
To read the full press release click here.
