Do it Best hits near-record rebate
Fort Wayne, Indiana-based co-op Do it Best reported $4.57 billion in sales for the fiscal year ending June 29, 2024, that’s down 4 percent from the prior year — but up 30 percent from 2019, the last relatively normal year before the pandemic altered the calculus of annual sales comparisons.
“Our team faced a tough environment marked by decreased demand in the home improvement industry, rising interest rates, and an unusually mild winter. However, we navigated these challenges with excellence, keeping us on our path of growth and success,” said Do it Best President and CEO Dan Starr.
Do it Best, which is Indiana’s largest privately held company, also delivered the second-highest member rebate in its history, with dividends returned to member-owners reaching $159.1 million.
The co-op pointed to stats from the Home Improvement Research Institute (HIRI) showing the the overall home improvement market saw a 1.8% downturn over the period.
Beyond the numbers, Do it Best made strategic investments in member support and saw significant growth in membership.
“We committed resources to systems and initiatives that will yield long-term benefits,” said Starr. “Our enhanced enterprise resource planning (ERP) system will significantly improve data flow, streamline operations, and enhance efficiency for our members. Meanwhile, AI-driven ecommerce enhancements like improved search and personalization have boosted customer engagement and overall sales for our members. Our website upgrades, including a rental module, instant rebates, and Best Rewards integration, are providing more personalized experiences for customers.”
Bolstered by those improvements, year-over-year online sales increased 12 percent.
One of the major events of the past fiscal year was the addition of United Hardware. “On May 1, 2024, we solidified the merger which has only strengthened our market position,” Starr said. “We expanded membership by over 20% and added a ninth distribution center in the Great Plains, reinforcing our growth strategy and improving our buying power.”
Not counting the United merger, the co-op said 800 new stores came online in the last three years.
“Our disciplined focus on cost of goods, expense management, and strategic investments has positioned us for continued growth. We're leveraging data and technology to drive profitability for our members,” Starr said.
Do it Best nation will gather in Indianapolis Sept. 6-9 for the co-op’s 2024 Fall Market.
