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Tuesday, May 20, 2008

TRUE VALUE HIRES NEW CHIEF MERCHANDISING OFFICER

True Value Company has hired Mike Clark away from Orchard Supply Hardware to serve as senior vice president and chief merchandising officer. He replaces Steve Mahurin, who left the company at the end of March.

Clark will lead the co-op’s merchandising team and oversee branding and business strategies related to product assortments, global sourcing, procurement and pricing.

Clark’s 35-year industry career includes 25 years at Sears Roebuck & Company, where he held a variety of positions. As vice president and general merchandise manager, he was responsible for the buying and retail replenishment of the tools, paint and plumbing businesses. Most recently Clark oversaw all buying decisions at Orchard Supply Hardware (OSH), an 85-store hardware chain in California.

In other company news, True Value reported revenue of $464.7 million for the quarter ending March 29, 2008, a decrease of 4.9 percent or $23.8 million from $488.5 million for the same period a year ago. The co-op posted a quarterly net margin of $5.2 million, a decrease of 40.2 percent or $3.5 million versus $8.7 million one year ago.

A slowdown in members’ retail sales from the declining economic conditions, coupled with the late arrival of spring in many areas of the country, impacted the company’s first-quarter revenue. Comp-store product sales to members were down 4.7 percent.

“Despite the soft economy, True Value is on track to meet our retail growth goals,” said President and CEO Lyle Heidemann.