This week, True Value Co. reported a decrease in both revenue and gross billings, citing unfavorable weather patterns that led to a decline in retail traffic for the first quarter.
The co-op posted gross billings of $502 million through the first quarter, which ended April 1, down 1.6 percent from a year ago. Revenue was $347.6 million for the quarter, a decrease of 2.6 percent or $9.2 million. Relative to the prior year, net margin remained flat.
Wholesale sales, on a gross billings basis, were down 1.6 percent in the quarter. Retail comparable store sales were down 1.9 percent for the same period.
