Comp-store sales rise at True Value
True Value Corp. reported revenues of $448.9 million for its third fiscal quarter, an increase of 0.7% from revenues of $445.7 million for the same period in fiscal 2011. The Chicago-based co-op posted a quarterly net margin of $15.4 million for the third quarter, versus $18.1 million a year ago, a decrease of 14.9%.
For the nine months ending Sept. 29, True Value reported revenue of $1.43 billion, an increase of 0.7% from $1.42 billion for the same period a year ago. Comparable-store sales to core domestic hardware store outlets were up 2.5% in the nine-month period. The 2012 year-to-date net margin was $45.8 million, down 4.4%, or $2.1 million, from $47.9 million one year ago.
True Value president and CEO Lyle Heidemann said the revenue increase is due to strong sales in the farm and ranch category, the company’s partnership with Benjamin Moore, and strong increases in True Value’s manufactured proprietary paint brand sales.
“Partially mitigating these gains was the lack of winter weather business in the first quarter, not repeating Hurricane Irene-related sales in the third quarter and a modest year-to-date net decline from retailer attrition,” Heidemann said. “We did, however, experience an increase in revenue in the third quarter from net gains in membership.”
On Oct. 26, True Value received $18.0 million ($16.5 million net of legal fees) as a settlement of an ongoing litigation matter. The net proceeds will be recorded as a gain in True Value’s fourth-quarter financial results.
Ace Hardware granted Wingman status
Oak Brook, Ill.-based Ace Hardware Corp. has officially been granted a trademark for the phrase “In-store Wingman,” according to Plus Patent News.
The trademark was granted by the United States Patent and Trademark Office. Ace has used the phrase to promote its customer service in the past, including in this twitter tweet from May.
The original filing for the trademark was made in November 2011, according to the trademark website trademarkia.com.
Do it Best donates $3 million-plus to Habitat for Humanity
Do it Best Corp. has donated more than $3 million to Habitat for Humanity, through a record donation of home improvement products and the completion of a company-sponsored new home build.
Since 2004, Do it Best has coordinated the donation of a number of home-building materials, products and general goods to Habitat from among the thousands of vendors at the co-op’s semi-annual markets. At the conclusion of its October market, the retail value of goods donated to Midwest Habitat chapters totaled more than $238,000. Overall, since it began the post-market donation campaign in May 2004, the total retail value of goods donated to Habitat chapters has reached $3.2 million.
“Our market donation program continues to direct valuable goods to Habitat chapters in several states, which in turn helps them bring needed housing to many families,” said Bob Taylor, president and CEO of Do it Best Corp. “Through the dedicated efforts of our staff, our member-owners, and many of our market vendors, this program continues to positively impact our communities. It’s just another way we can show our support for Habitat for Humanity and its worthwhile mission.”
In addition to these donations, the Fort Wayne Habitat for Humanity chapter dedicated its 160th home in Allen County on Oct. 26, which was fully funded by Do it Best Corp. and constructed by its world headquarters staff. The new home is the second build the co-op has sponsored since 2006.
“Fort Wayne Habitat and the community it serves are blessed to have Do it Best Corp. as a partner,” said Justin Berger, executive director of Fort Wayne Habitat for Humanity. “Their people have been tremendous to work with throughout the process and they have definitely impacted our community in a positive, permanent way.”