For True Value, key word is ‘progress’
Chicago-based hardware co-op True Value Company reported gross billings of $1,588.1 million for year to date ending Oct. 1, 2016, up 1.6% or $25.6 million.
Revenue was $1,158.9 million, an increase of 0.7%, or $7.7 million.
The cooperative posted net margin of $20.5 million, up 88.6% from a year ago, driven primarily by continued efficiencies in lower inventory provision and adjustments, advertising costs and freight-in expenses.
“Despite a soft retail environment, True Value members continue to see the benefits of our strategic plan unfold as they grow their business and engage their markets,” said President and Chief Executive Officer John Hartmann. “Our continued strong growth in net margin shows that we are making clear and steady progress.”
Retail comparable store sales were up 1.5%, with increases in nine of twelve regions of the country and in six of the cooperative’s nine product categories, led by Farm Ranch Auto & Pet, Lawn & Garden and Paint. On a gross billings basis, wholesale comparable store sales were flat relative to last year.
True Value continues to grow its square footage and retailer base.
In the nine-month period, the company added nearly 1,120,000 square feet of retail space, furthering its commitment to grow Destination True Value (DTV) and other relevant formats in its network. DTV comparable store sales were up 2.5% year to date.
True Value dealers operate more than 4,400 retail locations around the world.
An EWP alliance for Sherwood and LP
Nashville-based LP Building Products and Sherwood Lumber announced a deal that brings the full line of LP SolidStart Engineered Wood Products to the distributor’s locations in Holtsville, New York; North Bergen, New Jersey; and their signature 67-acre Prime Distribution facility located in Palmer, Mass.
This increased distribution of LP’s products—including LP FlameBlock I-Joists—brings in-demand building products to high-population density markets, the companies said.
“Because of their brand excellence and diverse product line, there is great value in Sherwood providing LP Building Products,” said David Gaudreau, senior VP of sales for Sherwood Lumber. “We are excited to launch the LP program, supplying our customers with some of the finest engineered wood products available, helping them to target new customers and grow sales.”
Starting this fall, Sherwood will be rolling out a new Milk Run distribution model, where trucks are sent on dedicated ‘milk runs’ in five select regions throughout New England, with additional routes in New York and New Jersey planned. Customers can call up the day before and have Less Than Truckload items included for next day delivery. The LP line of engineered products will have a strong presence in the inventory of these trucks.
“Sherwood Lumber has a reputation for providing tremendous logistical and technical support to their customers, and we look forward to working with them in the Northeast,” said Jim Abbott, Regional Sales Manager for LP. “Sherwood’s extensive relationships combined with our innovative products, solutions and sales support to the professional lumber dealer align well to aid future building industry growth within the market.”
PRO Group announces a promotion
Denver-based PRO Group, Inc. promoted Shari Kalbach to vice president, a position that will oversee merchandising and marketing.
During her 19 year tenure at PRO Group, Kalbach’s dedication to providing workable solutions has made her highly regarded by both distributors and suppliers, making her the prime candidate to assume the role. As vice president, Kalbach will continue to travel to key industry events and customer functions while directly overseeing the merchandising and marketing teams. She will also focus on the integration of internal operations that support both PRO Group and Reliable customers.
Earlier this month, PRO Group announced a merger with Reliable Distributors.
“Shari’s outstanding work ethic, devotion to PRO Group customers and staff and proactive communication style has bolstered her success in every role she has mastered at PRO Group,” said Steve Synnott, president and CEO at PRO Group. “I know she will continue down the same path of excellence in her expanded role as vice president.”
Kalbach began her career at PRO Group by supporting four executives who led divisions at the company. She was later named Managing Director, serving first Garden Master and later PRO Hardware and Farm Mart.
“Shari is one of the hardest working and caring people I know. She works very hard for PRO and Wallace and always does an outstanding job,” said Eddie Flynn, VP of sales at Wallace Hardware Company, a PRO Group distributor.
“It has been a true pleasure working with Shari over the years. We have been a PRO store for many years, however, it wasn’t until I became friends with Shari that we truly began flying the PRO flag proudly and prominently,” said Mark Barbero, owner of Debbie PRO Supply. “Shari has treated me as a friend as much as a business associate.”