This Do it Best truck waits in the predawn for a hardware store to open. The company said it has achieved a 95.4% on-time dispatch rate for its trucks, with a 92.2% on-time delivery rate. Photo by Tim Burke.
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.