Do it Best hammers away at growth

Indianapolis -- Do it Best Corp. reported a record $10 million in sales during the 90-minute Sneak Peak sales event Friday night on the eve of the co-op's Fall Market at the Indiana Convention Center.

Those numbers set the tone for the co-op's emphasis on member growth as the market showcased several areas of opportunity for the Fort Wayne, Indiana-based co-op.

The co-op rolled out the Pro/Tradesman Showcase, which offered 5,600 sq. ft. of product displays and planograms for members currently selling to — or interested in attracting — contractors, tradesmen and building professionals. The co-op is also introducing its member-exclusive Outdoor Expressions brand, which features a full range of high-quality outdoor living products like patio furniture, solar lights and fire pits, and expanding its Best Garden line of hose end watering products for spring.

“As always, our focus is on providing our members the most productive, enjoyable and valuable market experience we can,” Do it Best Corp. president and CEO Dan Starr said. “And this Fall Market is clear evidence that we are always exploring ways to make these already great events even better.”

 Starr, who succeeded Bob Taylor as CEO in January, delivered his first official shareholder address in which he recognized members for their ambition. Petersburg Do it Best Hardware in Petersburg, Ind.; Capps Home Building Center in Moneta, Va.; and Anchor Lumber of Silvis, Ill., were each cited for growth, expansion and — in the case of Anchor Lumber — recovery from a devastating fire.

Starr also pointed to milestones achieved by the co-op in fiscal year 2015 — the co-op's fiscal year ends mid year. It surpassed $3 billion in wholesale sales and distributed member rebates in excess of $100 million for the 13th consecutive year. The 2016 rebate distribution totaled $115.5 million.

“We are proud to celebrate both of these achievements,” Starr said. “Our supply-chain excellence and industry-lowest cost of operations enable us to provide more in rebates to our members — and they in turn are able to reinvest in their businesses, grow their sales and expand their operations. We take our role as effective stewards of our members’ investment in their co-op very seriously, and both of these accomplishments are testament to that."

Still, Starr said the collective co-op worked too hard for merely modest growth. The co-op's sales increased from $2.998 billion in fiscal year 2015 to $3.02 billion in fiscal year 2016.

"It was a good year," he told dealers during the Shareholders Meeting. "But we're Do it Best. We all worked too hard for a good year. And we're certainly not satisfied."

So far through the first quarter in fiscal year 2017, he said sales are up 5.4%.

Education and networking played a big role throughout the Oct. 7–10 event. During the market's kickoff presentation, VP of marketing Rich Lynch applauded the efforts of the 25 Do it Best members who dedicated a full day to a session on transforming their business.

"We're not talking about tweaks," Lynch said. "These members are committed to transforming their businesses into a place where customers choose first above all other options."

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NOTE: The above is a corrected version of a previous article, which incorrectly described first quarter growth as up 54%.