True Value releases first-quarter results

True Value, the Chicago-based co-op, has reported revenues of $442.9 million, a decrease of 4.7% from $464.7 million for the same period a year ago.

Net margin for the quarter, which ended April 4, 2009, was $11.2 million, an increase of 115% over $5.2 million a year ago.

The economic recession has impacted the company’s financial results, True Value said in a statement. “We are well positioned to capitalize on the spring selling season, generating additional sales momentum from an expanded promotional campaign,” said president and CEO Lyle Heidemann. “Weather has improved in many areas of the country over the last few weeks, and our lawn and garden sales have responded, running well up over last year.”

True Value members operate more than 5,400 independent retailer locations. Sales in 2008 were $2.8 billion, according to the company.