- Gross billings of $494.0 million, up 7.4 percent
- Wholesale comparable store sales up 6.1 percent
- Revenue of $353.8 million, up 6.7 percent
- Retail comparable store sales up 5.3 percent
CHICAGO, May 6, 2015 – True Value Company, one of the world's largest retailer-owned hardware cooperatives, today reported gross billings of $494.0 million for the quarter ending
April 4, 2015, up 7.4 percent or $33.9 million from the same period a year ago. Revenue was $353.8 million, an increase of 6.7 percent or $22.3 million.
Wholesale comparable store sales, on a gross billings basis, were up 6.1 percent in the quarter. Retail comparable store sales were up 5.3 percent in the quarter, with increases in eleven of twelve regions of the country and in all of the cooperative’s nine product categories, led by Seasonal, Farm Ranch Auto & Pet and Lawn & Garden.
The cooperative planned for a loss in the first quarter of 2015, posting a net loss of $1.7 million, down $2.6 million compared to net margin of $0.9 million from a year ago. The net margin decrease was driven by planned investment expense incurred in connection with the implementation of the strategic plan and was partially offset by the sales increase.
“Our strategic plan is already driving positive change across the cooperative. Our first quarter sales performance shows solid year-over-year improvement, reflecting our intense focus on relevant product assortments and brand building,” said President and Chief Executive Officer John Hartmann. “Not only did our company’s revenue increase, we saw an uptick in nearly all of our product categories.”
During the first quarter, True Value continued to grow its square footage and retailer base. In the three-month period, the company added 256,000 square feet of relevant retail space, continuing its commitment to grow Destination True Value and other relevant formats in its network.
True Value Company, headquartered in Chicago, is one of the world’s largest retailer-owned wholesale hardware cooperatives with gross billings of over $2.0 billion and revenue of $1.5 billion in 2014. The True Value cooperative includes approximately 4,500 independent retailer locations worldwide operating under the store identities of True Value, Grand Rental Station, Taylor Rental, Party Central, Home & Garden Showplace and Induserve Supply. Additional information on True Value and its retail identities is available at www.truevaluecompany.com.