Do It Best reports quarterly sales drop
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Fort Wayne-based Do It Best Corp. is reporting fiscal third-quarter total sales of $2.3 billion, a 10% drop over the same period last year. The hardware, lumber and building materials cooperative attributed the decrease to rising interest rates, an economic slowdown and near-record warmth across the country.
CEO Dan Starr said in a news release that the co-op is coming off “a few very high-growth years,” and he is not surprised to see business return to a new normal.
However, Starr noted that he expects the housing market to recover this year and spur more growth in the coming years.
Do It Best touted the recent implementation of a new warehouse management system, which it said has allowed the co-op to achieve a 99.8% order accuracy rate and a significant decrease in damaged products.
The company also setting aside $27 million for enhancing warehouse operations in the future.
“We’re dedicated to investing in our members’ growth and our operational infrastructure. We’re investing an additional $30 million in member store projects,” said Starr. “Our focus on strategic advancements has improved our operational expenditures by 3.5%.”
Do It Best, which is headquartered at the Electric Works mixed-use innovation district in Fort Wayne, announced earlier this month its merger with United Hardware, a wholesale hardware distributor headquartered in Maple Grove, Minnesota.