True Value reports revenue down slightly in Q2
True Value reported revenue of $594.4 million for the quarter ending June 30, a decrease of 0.4 percent from $597 million for the same period a year ago.
“Strong sales in lawn and garden were a key contributor in the comp-store sales increase,” said president and CEO Lyle Heidemann.
Comparable-store sales were up 1.5 percent in the quarter, and the co-op posted a quarterly net margin of $27 million, an increase of 12.5 percent versus $24 million a year ago.
For the six months ending June 30, True Value reported revenue of $1.08 billion, a decrease of 0.9 percent from $1.09 billion for the same period in 2006. Comp-store sales were up 1 percent in the six-month period.
The 2007 year-to-date net margin was $35.7 million, down 3 percent from $36.8 million one year ago. Last year’s net margin included a $6.3 million one-time gain related to a legal matter.
True Value, headquartered in Chicago, is one of the world’s largest retailer-owned hardware cooperatives with sales of $2 billion in 2006.
Sears names new chief marketing officer
Sears Holdings has announced Richard Gerstein will join the company as chief marketing officer for its Sears, Roebuck and Co. subsidiary effective Aug. 6.
Gerstein last served as global chief marketing officer and senior vp of U.S. business for Alberto Culver Beauty.
Gerstein will have overall responsibilities for executing Sears’ brand marketing strategies and programs. He will help with initiatives that aim to “help Sears reconnect with its loyal customers and attract former customers back to Sears,” said Maureen McGuire, Sears Holdings’ chief marketing officer, adding, “We started that work with the announcement in May of Sears’ new integrated marketing campaign.”
Gerstein also served in senior leadership and marketing positions at Reflect True Custom Beauty, a Procter & Gamble spinoff, and at Procter & Gamble.
Board member steps down at Valspar
Minneapolis-based paint and coatings company Valspar announced Peter McCausland resigned from its board of directors, citing an increase in his business and personal commitments.
McCausland was a member of the board’s compensation and governance committees.
McCausland is chairman of the board and CEO of Airgas and a director of the International Oxygen Manufacturers Association, the Fox Chase Cancer Center and the Independence Seaport Museum. He had been a Valspar director since April 2006.