True Value Company reported that retail comparable store sales were up 3.3% for the third quarter. The hardware store cooperative’s Destination True Value retail formats posted retail comparable sales growth of 4.2%.
“We are very pleased to see these overall results for our retailers and this reinforces the improved sales seen by retailers that have implemented relevant remodels,” said John Hartmann, president, and CEO, True Value Company.
Gross billings of $492.2 million and revenue of $364.4 million in the quarter were relatively flat to the same period last year. Net margin in the quarter was essentially flat to last year. The cooperative posted increases in eight of its nine product categories, led by hardware, lumber and building materials followed by hand and power tools, farm and ranch, auto and pet, and seasonal. The international segment continues to experience strong growth with warehouse sales up approximately 12% in the quarter, with paint sales driving a significant portion of the growth.
“With landfall of three major hurricanes in the quarter, I would like to thank our associates and suppliers for their round-the-clock collaboration ensuring our retailers had what they needed to prepare and then quickly begin recovering from these devastating storms,” Hartmann said. “Our retailers demonstrated that during challenging times, and always, they are there to support the communities they serve.”