True Value Company Announces Third Quarter Results

  • Retail comparable store sales up 3.4 percent year-to-date
  • Wholesale comparable store sales up 3.6 percent year-to-date
  • DTV comparable store sales up 5.0 percent year-to-date
  • Gross billings of $494.9 million up 6.1 percent and Revenue of
    $365.5 million up 4.2 percent in the quarter

CHICAGO–(BUSINESS WIRE)–True Value Company, one of the world’s largest retailer-owned hardware
cooperatives, today reported gross billings of $494.9 million for the
quarter ending Oct. 3, 2015, up 6.1 percent or $28.5 million from the
same period a year ago. Revenue was $365.5 million, an increase of 4.2
percent or $14.8 million. The company reported net margin of $3.3
million in the quarter.

For the nine-month period ending Oct. 3, 2015, True Value reported gross
billings of $1,562.5 million, up 4.5 percent or $67.9 million from
$1,494.6 million for the same period a year ago. True Value reported
revenue of $1,151.2 million, an increase of 3.6 percent or $39.5 million
from $1,111.7 million for the same period a year ago. The higher revenue
in the period was mainly due to the timing of the Fall Reunion that was
held in September of 2015 compared to October of 2014, as well as higher
sales volume and the comparability of the weeks included in the
year-to-date periods. The cooperative planned for a decrease in net
margin in 2015 driven by investment expenses incurred in connection with
the implementation of the company’s strategic plan and posted a net
margin of $10.9 million year-to-date.

Destination True Value (DTV) comparable store sales were up 5.0 percent
year-to-date. Wholesale comparable store sales, on a gross billings
basis, were up 3.1 percent in the quarter and up 3.6 percent
year-to-date. Retail comparable store sales were up 3.1 percent in the
quarter and 3.4 percent year-to-date with increases in eleven of the
twelve regions of the country and in eight of the cooperative’s nine
product categories, led by Hand & Power Tools, Seasonal and Farm Ranch
Auto & Pet.

“Our third quarter results show that True Value is on the move, as we
continue to focus on engagement, growth and efficiency,” said President
and Chief Executive Officer John Hartmann. “The investments in areas
such as brand awareness and national advertising, product assortments
and customer service training are helping to continually drive our
Members’ growth and profitability.”

In the nine-month period, the company added over 690,000 square feet of
relevant retail space. In addition to expanding DTV and other relevant
formats in its network, Busy Beaver Home Improvement Centers joined the
co-op as one of its newest members. Founded in 1962, Busy Beaver today
operates 16 full-line home improvement centers throughout Pennsylvania,
Ohio and West Virginia.

“Welcoming Members like Busy Beaver to the True Value family supports
our strategic pillar of growth, and enhances our ability to better serve
customers throughout the U.S. and strengthens the entire co-op,”
Hartmann said.


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


True Value Company
Jean Niemi, Senior Director Corporate