True Value Company has reported gross billings of $573.6 million for the second quarter ending July 4, 2015, up 1% or $5.6 million from the same period a year ago. Revenue was $431.9 million, an increase of 0.6% or $2.4 million from a year ago. The cooperative posted a quarterly net margin of $9.3 million.
The company noted that its Destination True Value comparable store sales were up 5.6% year-to-date. Wholesale comparable store sales were flat in the quarter and up 3.2% year-to-date. Retail comparable store sales were up 2.3% in the quarter and 3.5% year-to-date with increases in the company’s twelve retail regions of the country and in all of the cooperative’s nine product categories, led by farm ranch, auto and pet, hand and power tools and seasonal.
“We are very proud of the transformation that is underway at True Value,” said True Value president and CEO, John Hartmann. “The work being done on our strategic plan will have lasting positive impact on the organization and our retailers for years to come.”
During the first half of the year, True Value said it continued to grow its square footage and retailer base as well as its Destination True Value store format. In addition, the company signed 26 conversions so far in 2015, for an additional estimated $18.6 million in new annualized warehouse business, the company said.
“Our flexible DTV format enables our cooperative members to adapt the layout and custom-select merchandise assortments that are most relevant to their local market and customer needs,” said Hartmann. “Our first half performance shows that our efforts are paying off.”