True Value Co. gross billings rise 1.4%

Chicago-based True Value Co. Monday night reported gross billings of $543.3 million for the quarter ended June 29, up 1.4% from $536.0 million in the same quarter last year.

Revenue was $411.5 million, up 1.0% in the quarter. The quarterly net margin for the co-op was $23.8 million, up 7.2% from the same period last year. 

"Our expanded farm, ranch and automotive and pet product lines contributed to increased gross billings, while the delayed spring-like temperatures and heavy rains had a positive impact on sales of lawn and garden, and plumbing and heating products in the second quarter," said John Hartmann, president and CEO. "As anticipated, the gross margin rate improved in the second quarter as volume from regular replenishment product sales increased, and those items carry a higher margin."

Comp store revenue was up 1.1% in the period. Year to date, comp-store revenue was up 0.8%. 

The company described its store count as "approximately 4,500 independent retailer locations worldwide." In previous announcements, the co-op had described its store count as about 4,600 locations. In February of 2012, the figure was 4,650 independent dealer locations around the world.