Do it Best promotes 11-year veteran
Fort Wayne, Ind.-based Do it Best Corp. promoted David McDonald to divisional merchandise manager.
In his new role, McDonald will lead merchandise teams across several product categories and departments, including international purchasing, global sourcing and outdoor living. McDonald will also be responsible for overseeing the division’s content management for catalog and website initiatives while implementing strategic programs and promotions for members throughout the United States and around the world.
“David brings a unique combination of expertise, experience and enthusiasm to this important role,” said Steve Markley, VP of merchandising for Do it Best Corp. “He’s been a proven, productive member of our merchandising team, and we are confident in his drive to help our members grow with the right products and programs.”
McDonald is an 11-year veteran of Do it Best Corp., most recently serving as global sales and product development manager for the past three years. He’s served in additional roles as an international sales and business development manager and international sales and conversion specialist.
McDonald will replace Dave Cole, who is retiring from the position effective March 16, 2018, after 35 years with Do it Best Corp.
“I am honored and excited to take on the new challenges and opportunities presented by this role,” McDonald said. “At the same time, I’m humbled to follow in Dave’s footsteps – and am thankful for the chance to learn from his wealth of experience.”
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Ace posts 9.1% sales gain in Q3
Ace Hardware Corporation reported third quarter 2017 revenues of $1.34 billion, an increase of 9.1% from the third quarter of 2016. Net income was $53.8 million for the third quarter of 2017, an increase of 7.2% from the third quarter of 2016.
The Oak Brook, Ill.-based co-op’s sales gain was driven by retail same-store sales increase of 7.1%.
Total wholesale revenues were $1.28 billion, an increase of $105.9 million, or 9.0%, as compared to the prior year third quarter. Increases were noted across all departments with outdoor living and lawn and garden showing the largest gains.
Ace added 43 new domestic stores in the third quarter of 2017 and cancelled 34 stores, pushing the company’s total domestic store count to 4,366 at the end of the third quarter of 2017. That’s an increase of 31 stores from the third quarter of 2016.
Retail revenues from Ace Retail Holdings division – the co-op-owned Westlake Ace Hardware chain — were $65.5 million in the third quarter of 2017. This was up 9.3%, from the third quarter of 2016. The increase was primarily the result of new retail stores added since the third quarter of 2016 and a 2.9% increase in same-store sales, the company reported.
[View the co-op’s full Q3 press release here]
Looking back at a third quarter marked by hurricanes and wild fires, Ace Hardware CEO John Venhuizen tipped his hat to the team for their and disaster response efforts.
“It would be an act of ingratitude not to give special thanks to the Ace team and our heroic retailers in the hurricane impacted areas of the world,” said Venhuizen. “While the hurricane activity accounted for only 18 percent of our third quarter revenue growth, it demonstrated a massive amount of servant-hearted teamwork across the enterprise and continues to garner our prayers and support as many difficult days remain for these regions."
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True Value reports positive comps
True Value Company reported retail comparable sales up 3.3% for the third quarter. The company's "Destination Truve Value" stores showed a 4.2% gain comparable sales.
“We are very pleased to see these overall results for our retailers and this reinforces the improved sales seen by retailers that have implemented relevant remodels,” said President and Chief Executive Officer John Hartmann.
Gross billings of $492.2 million and revenue of $364.4 million in the quarter were relatively flat to the same period last year. Net margin in the quarter resulted in our year-to-date net margin being essentially flat to last year. For the full year, True Value anticipates delivering both an increased Net Margin and Patronage Dividend over last year.
“With landfall of three major hurricanes in the quarter, I would like to thank our associates and suppliers for their round the clock collaboration ensuring our retailers had what they needed to prepare and then quickly begin recovering from these devastating storms,” Hartmann said. “Our retailers demonstrated that during challenging times and always, they are there to support the communities they serve.”
The co-op posted increases in eight of the nine product categories, led by Hardware, Lumber & Building Materials followed by Hand & Power Tools, Farm & Ranch, Auto & Pet, and Seasonal. International continues to experience strong growth with warehouse sales up approximately 12% in the quarter and 18% year to date, with paint sales driving a significant portion of the growth, the company said.