Hardware Retailing The Industry's Source for Insights and Information
Do it Best and True Value reported consolidated revenues of $4.7 billion for fiscal year 2025, an increase of $281.3 million, or 6.1%, from FY2024. Net income was $188.3 million, up $27 million, or 16.7%, compared to the prior year.
“In a year defined by transformation, we delivered solid results, strong earnings growth and substantially expanded our reach across the independent home improvement channel,” says CEO Dan Starr. “With the addition of True Value and United Hardware, our company has never been stronger. Our performance reflects the resilience of our members and retailers, the financial strength of our company and the momentum we’re building for long-term growth.”
Consolidated revenues for FY2025, which runs July 2024 through June 2025 and includes a partial year of sales for True Value, totaled $4.7 billion, up from $4.5 billion in FY2024. Fastest-growing categories included lawn and garden, up 3.1% year over year, followed by power tools and accessories, up 4.6%, and automotive, up 4.4%. At the 2025 Fall Market, Starr shared that Do it Best marked sales of $4.35 billion for fiscal year 2025, which is a 4.8% decrease from last year’s sales of $4.57 billion.
Do it Best members and True Value retailers reported solid gains in the first quarter of FY2026, July to September 2025. Do it Best saw significant increases in core categories with a 10.7% gain in lawn and garden sales, 8.7% increase in hardware and a 15.2% gain in farm and ranch. True Value retailers experienced the biggest gains in power tools and accessories, a nearly 11% increase and a 7.4% increase respectively.
According to company execs, the integration of Do it Best and True Value is ahead of schedule. Do it Best and True Value closed five distribution centers, consolidating logistics and improving efficiency, which saves $245 million in lease and lease related expenses.
“The progress to stabilize True Value has been remarkable,” says Willis Qualheim, owner of Qualheim’s True Value. “It’s a strong foundation and clear commitment for the exciting road ahead. The way we’re moving forward together makes me confident in our shared future.”
The companies have fully integrated numerous teams, with a new shared services platform in finance. Merchandising teams are working as one, executing joint line reviews and aligning assortments across departments.
“These integration milestones mean more efficiency, more buying power and stronger vendor partnerships, all of which benefit our members and retailers,” Starr says.
The Lumber & Building Materials division continues to add value to the relationship with lumberyards, door shops and component plants. The new Member Operational Excellence program has initiated 15 projects in the first few months. After a recent project at a Midwestern member location, the redesigned lumberyard layout and its revised picking process save time and labor. The yard crew of five now finishes their picks 90 minutes earlier per day during straight time. This avoids overtime costs, reduces wear on forklifts and improves service levels.
Additional highlights from FY2025 and Q1 FY26 include an industry leading rebate of $132.1 million distributed to members, with a 10% average classic rebate; digital sales increasing 28%; a record-breaking over 11,000 attendees at the Fall Market plus double the sales from the Spring Market; and nearly $100 million signed in new business at the Fall 2025 Market.
“Our industry is transforming through substantial change, and Do it Best is at its forefront, benefiting all independent dealers,” says David Sturdivant, chair of the Do it Best Board of Directors. “I’ve never been as excited to be part of this as I am right now.”
“Our company is on an incredible trajectory,” Starr says. “Together, Do it Best, United Hardware and True Value are bigger, stronger, faster and better positioned as the Champion of Independents to serve independent dealers and help them thrive in today’s marketplace.”
