True Value 2012 Annual Report Download - page 25

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
We only grow if our retailers grow. It’s that
simple. That is why here at the co-op, we have a
vision for True Value that provides flexibility for
the independent retailer, to help you compete
successfully in today’s challenging, continuously
changing marketplace.
The stories in this annual report feature just
a small cross section of our more than ,
members. Just like you, these are independent
retailers who make decisions they believe are
right for their businesses. Just like you, they have
a choice when it comes to co-op partners, and
they choose True Value. We are commied to
continuing to earn your business with a growing
array of tools and support, led by the industry’s
best store format, DTV.
STRONG PERFORMANCE AND RETURNS True
Value Company is solid financially, and together
we delivered another strong year in .
We grew our sales, invested in our business
and provided good returns to our retailers.
Due in no small part to the success of our DTV
retailers,  True Value gross billings grew by
. percent to ,. million, while revenue
on a net basis, grew by . percent to ,.
million. Comparable store sales to retailers grew
. percent on a gross billings basis, while our
retailers’ comparable store sales grew . percent
based upon True Value-supplied stock keeping units
(SKUs) as reported by more than , stores.
Approximately  percent of the growth at retail
came from our members with DTV stores, which
makes a powerful case for this industry-leading
format.
We’re more commied than ever to helping
our retailers grow, and the investments we
made in  showed that commitment.
We loaned . million to help finance DTV
DEAR TRUE VALUE RETAILERS:
Developing our Destination True Value (DTV) store format a few years ago was a
defining moment for this company. It represented a fundamental shi in the focus
we had through our previous  years. Instead of trying to get our retailers to buy
more, DTV reflects a real commitment to helping our retailers sell more.
Lyle G. Heidemann
President and Chief Executive Officer
Brian A. Webb
Chairman of the Board