Do it Best reports Q3 sales decline
Do it Best has reported its Q3 total sales of nearly $3.2 billion, a decrease of 10% over the same period during the prior year. (Note: The Do it Best fiscal year begins in July, and ends in June.)
The decrease in sales, said the company, can be attributed to an increase in interest rates, an economic slowdown, and near-record warmth across much of the country.
“We’re coming off a few very high-growth years, so it’s unsurprising to see it return to a new normal,” said Dan Starr, president and CEO of Do it Best. “I also anticipate housing to recover this year and spur more growth in the coming years.”
The company is focused on other benchmarks, it said, including optimizing its delivery routes, resulting in substantial savings and larger member rebates.
“For every one million miles we save, we save about $3 million, leading to larger member rebates.” Additionally, the company’s dimensional lumber sales are outpacing housing starts by 2%, said Starr.
The company, said Starr, “has committed considerable resources to create a fully integrated system that helps our members drive more sales with outstanding store performance and an unbeatable customer experience.”
Investments in infrastructure and streamlined workforce, said the CEO, “are all integrated to give our store owners a tremendous advantage over the competition.”
Do it Best reported it is also making significant investments in its operations; a total of $27 million has been set aside for enhancing warehouse operations.
“We’re dedicated to investing in our members’ growth and our operational infrastructure. We’re investing an additional $30 million in member store projects,” said Starr. “Our focus on strategic advancements has improved our operational expenditures by 3.5%.”
