Hardware Retailing The Industry's Source for Insights and Information
True Value reported revenue of $411.5 million, an increase of 1.0 percent for the same period a year ago, for the second quarter. The quarterly net margin for the co-op was $23.8 million, up 7.2 percent from a year ago.
“Our expanded farm, ranch, 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,” President and Chief Executive Officer John Hartmann said. “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 percent in the period, which was reflected in the increase True Value retailers experienced with retail comp store sales in the quarter. Year to date comp store revenue was up 0.8 percent in the six-month period.
