True Value points to Q1 gains

Chicago-based True Value Company reported gross billings of $494.0 million for the quarter ending April 4, up 7.4% compared to last year’s quarter.

Revenue was $353.8 million, an increase of 6.7%.

The cooperative planned for a loss in the first quarter of 2015, posting a net loss of $1.7 million, compared with net margin of $0.9 million from a year ago.

The net margin decrease was driven by planned investment expense incurred in connection with the implementation of the strategic plan and was partially offset by the sales increase.

“Our strategic plan is already driving positive change across the cooperative. Our first-quarter sales performance shows solid year-over-year improvement, reflecting our intense focus on relevant product assortments and brand building,” said president and CEO John Hartmann. “Not only did our company’s revenue increase, we saw an uptick in nearly all of our product categories.”

Wholesale comparable-store sales, on a gross billings basis, were up 6.1% in the quarter.

Retail comparable-store sales were up 5.3% in the quarter, with increases in 11 of 12 regions of the country and in all of the cooperative’s nine product categories, led by Seasonal, Farm Ranch Auto & Pet and Lawn & Garden.

During the first quarter, True Value continued to grow its square footage and retailer base.

In the three-month period, the company added 256,000 sq. ft. of relevant retail space, continuing its commitment to grow Destination True Value, the co-op said.