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True Value Company Announces Fourth Quarter Results
CHICAGO, Feb. 24, 2014 /PRNewswire/ -- True Value Company today reported gross billings of $457.3 million for the quarter ending Dec. 28, 2013, an increase of 1.3 percent or $5.8 million from $451.5 million for the prior year ended Dec. 29, 2012. Revenue was $340.7 million, an increase of 0.2 percent, or $0.7 million. The co-op posted quarterly earnings of $12.5 million, a decrease of 57.0 percent or $16.6 million, from $29.1 million for the same period a year ago. Excluding the $16.5 million non-recurring gain in 2012, earnings were down $0.1 million or 0.8 percent.
For the year ending Dec. 28, 2013, True Value also reported gross billings of $1,900.0 million, an increase of 0.9 percent or $16.2 million for the same period a year ago. Revenue was $1,411.5 million, an increase of 1.0 percent, or $13.5 million. Comparable store sales to retailers were up 2.4 percent on a gross billings basis and up 1.6 percent on a revenue basis. Retailer comp store sales were up 2.1 percent, based on over 1,600 reporting retailers. The co-op posted earnings of $55.3 million, a decrease of 26.2 percent or $19.6 million, from $74.9 million for the same period a year ago. The profit decrease was primarily driven by a 2012 fourth quarter litigation settlement gain of an ongoing matter. The profit decrease was 5.3 percent, excluding the one-time gain.
"We ramped things up in late summer, right through December, and I'm pleased to report we ended the year with increases in gross billings, revenue and comparable store sales," said President and Chief Executive Officer John Hartmann. "Our largest increase in both retail and wholesale comp store sales was in the farm, ranch, auto & pet product category. This category was up at wholesale 11.2 percent."
"We added 137 new hardware stores in 2013, a combination of new ground up stores and conversions from other distributors. We also continued to support our current retailers' investment in their stores. In 2013, we provided over $32.4 million in loans, free inventory and other financial incentives to retailers who implemented the Destination True Value retail format," added Hartmann. "Our retailers remodeled, expanded, or opened 864,000 square feet of DTV retail format in 2013, bringing the total to approximately five million square feet since DTV rolled out in 2007. Stores that have implemented the DTV format continue to outperform stores that have not."
Total year end debt was $184.2 million, down 0.5 percent or $0.9 million, from $185.1 million a year ago. The company ended the year with $35.4 million of borrowings outstanding on its revolving credit facility, representing just 14.2 percent of its $250 million credit facility.
True Value Company, based out of its Retail Support Center in Chicago, is one of the world's largest retailer-owned hardware cooperatives. The True Value cooperative represents independent retailer locations worldwide with retail sales in their communities totaling approximately $5.5 billion. Store identities include True Value, Grand Rental Station, Taylor Rental, Party Central, Home & Garden Showplace and Induserve Supply. Additional information on True Value Company and its retail identities is available at www.truevaluecompany.com.
For more information, contact:
True Value Media Relations
SOURCE True Value Company
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