Retailer-owned hardware cooperative True Value Co. posted a retail comparable store sales gain of 1.5% in the third quarter.
True Value reported increases in nine of 12 regions of the country and in six of the cooperative’s nine product categories, led by farm, ranch, auto, pet, lawn and garden and paint.
Revenue was $1.16 billion, up 0.7% versus last year. Gross billings were $1.59 billion, up 1.6%. On a gross billings basis, wholesale comparable store sales were flat versus the year-earlier nine-month period, the company noted.
“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,” said John Hartmann, True Value president and CEO. “Our continued strong growth in net margin shows that we are making clear and steady progress.”