Rebates set the tone at Do it Best market
Indianapolis — Do it Best Corp. reported sales growth of 11.2% for fiscal year 2012, and celebrated its ninth consecutive year of $100 million-plus in member rebates.
The Fort Wayne, Ind.-based co-op reported sales of $2.68 billion for its fiscal year ending June 30. Even more interesting to members was the size of the member rebate, which exceeded $100 million for the ninth year in a row. The $115.7 million rebate marks an increase of 9.4% over last year’s end-of-year rebate, and stands as the fourth highest ever.
Five members — a new record — earned at least $1 million in rebates for their warehouse purchases throughout the year.
“We are incredibly excited and encouraged by the success of our recent fiscal year and the ability once again to increase our year-end rebates to members,” said CEO Bob Taylor.
The co-op points to operational efficiency, zero debt and low overhead as factors in what it calls its “industry-leading member rebate.”
Other signs of growth at the Do it Best October Market at the Indiana Convention Center include a record level of Sneak Peak sales at the Friday night sales event. Members made $8.6 in purchases in 90 minutes.
Friday night sales are just the beginning for Do it Best Market
Expectations are running high for attendance and business at the Oct. 13 to 15 Do it Best October Market in Indianapolis.
Do it Best Corp. executives say the interest in the market can be seen in several key measures, including a notable increase in member registrations for the October event, which covers both the number of stores represented as well as total employees attending. Pre-registration for the fall market’s Education Day seminars, of which nearly 30 sessions are scheduled, is also up.
The member-owners’ pre-planning activity for the Friday night Sneak Peek buying event, which offers members savings on a variety of popular traffic-driving products, has surpassed $3.3 million. Just as importantly, according to the co-op, member savings on those planned purchases is nearing $2 million. Do it Best Corp. expects both numbers to increase even more as the market approaches.
“The message this pre-market activity sends is very clear: Our members are ready to buy,” said Do it Best Corp. president and CEO Bob Taylor. “They recognize the incredible savings opportunities our markets provide them as they look to broaden their product mix. And they value the wide array of free, world-class learning opportunities available from our Education Day subject matter experts. Taken together, this advance activity indicates to us that a well-attended and strong fall market is on its way this weekend.”
At the fall market, Do it Best Corp. will also announce its final sales results for fiscal year 2012 and share year-end rebates with its members. Both are also expected to show substantial increases.
Do it Best expects growing market in Indy
Attendance numbers are expected to increase at the Do it Best Fall Market in Indianapolis, which officially kicks off Oct. 13.
An early reading about five weeks ahead of the upcoming October market showed double-digit percentage increases in store attendance, and increases in total badges even higher.
“It’s a dramatic difference,” said CEO Bob Taylor. “We’ll have to see, but it’s a great early sign that maybe [the industry] turned a corner.”
Attendance at markets has been running flat or down in recent years. (“Keep in mind the years we went through,” Taylor said.) Attendance was down in May, even though actual business activity increased by about 8%, according to the co-op.
The October event will be the first without veteran executives Dave Dietz and Dave Haist, who retired officially over the summer, and who were replaced by new VP finance Doug Roth and new COO Dan Starr.
Taylor described the transfer as smooth.
“As much as you appreciate the contributions of guys like Dave Dietz and Dave Haist, the real tribute to both of them is that it’s a non-event,” he said. “They both have done such a great job in assisting with the transition. It’s been seamless.”