True Value Company has reported gross billings of $455.1 million for the quarter ending September 28, 2013, an increase of 1.4% or $6.2 million from $448.9 million for the same period a year ago. Revenue was $346.5 million, an increase of 2% or $6.9 million from $339.6 million a year ago. Comparable store sales to core domestic hardware store outlets were up 2.8% at wholesale and 4.5% at retail for the quarter.
Led by the strength of 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% or $3.3 million, versus $15.4 million one year ago. In 2013, 25 new DTV stores have opened and 34 stores have remodeled to the co-op’s proven DTV format, according to the company.
“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 True Value president and CEO, John Hartmann. “These popular categories are driving incremental business, up more than 17% so far this year.”
“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.”