True Value Co. gross billings rise 1.4%
Chicago-based True Value Co. Monday night reported gross billings of $543.3 million for the quarter ended June 29, up 1.4% from $536.0 million in the same quarter last year.
Revenue was $411.5 million, up 1.0% in the quarter. The quarterly net margin for the co-op was $23.8 million, up 7.2% from the same period last year.
"Our expanded farm, ranch and automotive and pet product lines contributed to increased gross billings, while the delayed spring-like temperatures and heavy rains had a positive impact on sales of lawn and garden, and plumbing and heating products in the second quarter," said John Hartmann, president and CEO. "As anticipated, the gross margin rate improved in the second quarter as volume from regular replenishment product sales increased, and those items carry a higher margin."
Comp store revenue was up 1.1% in the period. Year to date, comp-store revenue was up 0.8%.
The company described its store count as "approximately 4,500 independent retailer locations worldwide." In previous announcements, the co-op had described its store count as about 4,600 locations. In February of 2012, the figure was 4,650 independent dealer locations around the world.
Doug Miller named interim CEO for Handy Hardware
Greenwhich, Conn.-based Littlejohn & Co. received court approval to acquire Houston-based Handy Hardware Wholesale out of bankruptcy.
Doug Miller, former president of Jensen Distribution, will take over as interim CEO of Handy Hardware.
"This is an important milestone for the future growth of Handy Hardware and I am pleased to lead this organization, which has enjoyed outstanding support and loyalty from its members and industry partners," Miller said.
The transaction was approved yesteday by the U.S. Bankruptcy Court for the District of Delaware and is expected to close early in August — before Handy’s Aug. 15-17 dealer market slated for San Antonio. "We are expecting near record member attendance," said Miller.
Handy Hardware was a 1,300-member regional co-op when it filed for Chapter 11 bankruptcy in January 2013. With the loss of member equity, the company had dropped its co-operative structure and faces the future as a for-profit distributor.
"Handy Hardware provides critical value to independent, single and multi-store hardware customers, and with this transaction it will have a solid financial foundation from which to build a stronger future," said Steven Raich, managing director of Littlejohn.