Chicago-based hardware co-op True Value Company reported gross billings of $1,588.1 million for year to date ending Oct. 1, 2016, up 1.6% or $25.6 million.
Revenue was $1,158.9 million, an increase of 0.7%, or $7.7 million.
The cooperative posted net margin of $20.5 million, up 88.6% from a year ago, driven primarily by continued efficiencies in lower inventory provision and adjustments, advertising costs and freight-in expenses.
“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 President and Chief Executive Officer John Hartmann. “Our continued strong growth in net margin shows that we are making clear and steady progress.”
Retail comparable store sales were up 1.5%, with increases in nine of twelve regions of the country and in six of the cooperative’s nine product categories, led by Farm Ranch Auto & Pet, Lawn & Garden and Paint. On a gross billings basis, wholesale comparable store sales were flat relative to last year.
True Value continues to grow its square footage and retailer base.
In the nine-month period, the company added nearly 1,120,000 square feet of retail space, furthering its commitment to grow Destination True Value (DTV) and other relevant formats in its network. DTV comparable store sales were up 2.5% year to date.
True Value dealers operate more than 4,400 retail locations around the world.