True Value Q2 Revenue +1.2%
[Tuesday, August 07, 2012] True Value Company reports revenue of $536 million for the quarter ending June 30, 2012, an increase of 1.2 percent or $6.5 million, from $529.5 million for the same period a year ago. The cooperative posted a quarterly net margin of $22.2 million, an increase of 1.8 percent or $0.4 million, versus $21.8 million one year ago.
For the six-month period ending June 30, 2012, True Value reported revenue of $984.2 million, an increase of 0.7 percent or $6.9 million, from $977.3 million for the same period a year ago. Comparable store sales to core domestic hardware store outlets were up 3 percent in the six-month period. The 2012 year-to-date net margin was $30.3 million, up 1.7 percent or $0.5 million, from $29.8 million one year ago.
“Unusual weather patterns in much of the country have had a significant impact on our business. The warm weather in January and February clearly drove down sales of cold and snow related products. While the early spring drove earlier shipments in seasonal and lawn and garden product sales, resulting in softer sales in June,” said President and Chief Executive Officer Lyle Heidemann. "Two categories helped mitigate these impacts. Our new farm and ranch assortments have sold well this year. And our new arrangement with Benjamin Moore, as well as strong increases in our own manufactured proprietary paint brand sales, helped offset the decline in winter weather related categories."
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