This week, True Value Company reported its first quarter results for fiscal 2016, with gross billings of $510.2 million, up 3.3 percent or $16.2 million from the same period a year ago. The company also reported revenue of $356.8 million, an increase of 0.8 percent.
Wholesale comparable store sales were up 1.7 percent in the quarter and retail comparable store sales were up 0.7 percent in the quarter.
Sales increases were seen in eight of 12 regions of the country and in six of the nine product categories, led by lawn and garden; farm, ranch, auto and pet; and hardware, lumber and building, according to the co-op. In areas of the country that had a mild winter, net comparable store warehouse revenue decreased due to lower sales in snow and heating products.
The company also saw a net margin loss of $5.4 million compared to a net loss of $1.7 million a year ago. The net margin decrease was driven by planned investment expenses incurred in connection with the execution of the co-op’s strategic plan, according to True Value.
“Transformation requires investment and we are reinvesting significant resources to build a better True Value–for today’s members, today’s customers and for the future,” president and CEO John Hartmann says.
The True Value co-op includes approximately 4,500 independent retail locations worldwide that operate under store brands including True Value, Grand Rental Station, Taylor Rental, Party Central and Home & Garden Showplace.