Do it Best raises a house in Fort Wayne
More than a 100 Do it Best Corp. staff, vendors and member-owners began building a new home for Habitat for Humanity in the co-op’s home town of Fort Wayne, Ind.
The project is scheduled to run through early October. In addition to fully staffing the build, Do it Best Corp. is also completely funding the project, including materials and professional service provided by licensed specialists. This is the second company build the co-op has sponsored, with the first coming in 2006.
“Habitat for Humanity is a wonderful, important organization that helps people get back on their feet and thrive independently, and it keeps people rooted in their communities,” said Do it Best president and CEO Bob Taylor said.
Ace Hardware to move into former Walgreens location
A small chain of Ace Hardware stores in the Midwest plans to add another unit — this one in Duluth, Minn. — by November, according to an article in the Duluth News Tribune.
Craig Burggraf and his two brothers, who own Ace hardware stores in Grand Rapids, S.D.; Fosston, Minn.; and Grand Forks, N.D., recently purchased a former Walgreen’s location and are currently remodeling it, the newspaper reported. The 10,500-sq.-ft. building, constructed in 1991, will carry a full hardware assortment, Benjamin Moore paint, Craftsman tools plus a line of Stihl tools.
Downtown Duluth has been without a neighborhood hardware store since 2010, when an Ace Hardware operator closed. Prior to that, Daugherty Hardware closed in 2008.
Burggraf said he’s already been contacted by some former employees of Daugherty Hardware and the downtown Ace Hardware about jobs.
Farm & ranch category helps Q2 results at True Value
True Value Co. reported revenue of $536 million for the second quarter, an increase of 1.2% from $529.5 million for the same period a year ago. The Chicago-based co-op posted a quarterly net margin of $22.2 million for the quarter, an increase of 1.8% over $21.8 million one year ago.
For the six-month period ended June 30, True Value reported revenue of $984.2 million, an increase of 0.7% from $977.3 million for the same period a year ago. Comparable-store sales to core domestic hardware store outlets were up 3% in the six-month period. The 2012 year-to-date net margin was $30.3 million, an increase of 1.7% from $29.8 million one year ago.
“Unusual weather patterns in much of the country have had a significant impact on our business,” said president and CEO Lyle Heidemann. “The warm weather in January and February clearly drove down sales of cold- and snow-related products, while the early spring drove earlier shipments in seasonal and lawn and garden product sales, resulting in softer sales in June,”
Two categories that helped boost revenues were the organization’s new farm and ranch assortments, which sold well this year, and paint. “Our new arrangement with Benjamin Moore, as well as strong increases in our own manufactured proprietary paint brand sales, helped offset the decline in winter weather related categories,” Heidemann added.
"With our support, retailers are continuing to invest in their stores. So far this year, they have implemented about 548,000 sq. ft. of the Destination True Value format, and with the projects currently scheduled for the last half of the year, we expect to achieve our goal of implementing 1 million sq. ft. for this year," Heidemann said.