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Do it Best announces Q3 results

Do it Best has reported total sales of nearly $2.3 billion, a decrease of 10% over the same period during the prior year. The decrease in sales can be attributed to an increase in interest rates, an economic slowdown, and near-record warmth across much of the country. “We’re coming off a few very high-growth years, so it’s unsurprising to see it return to a new normal,” said Do it Best President and CEO Dan Starr. “I also anticipate housing to recover this year and spur more growth in the coming years.” 

Do it Best maintains its position as a leading US-based, member-owned hardware, lumber, and building materials cooperative by achieving crucial operational metrics. Recently, the company implemented an enhanced warehouse management system, which has helped Do it Best achieve an industry-leading 99.8% order accuracy rate, the highest in company history. The system digitally scans everything that goes onto trucks, ensuring a seamless and error-free checks and balances system. The number of damaged products has also decreased significantly, with less than 0.09% of products reported as damaged. 

The company is setting additional industry benchmarks: Do it Best has achieved a 95.4% on-time dispatch rate for its trucks, with a 92.2% on-time delivery rate. By optimizing delivery routes, Do it Best eliminated 1 million miles from its routes last year, resulting in substantial savings and larger member rebates. According to Starr, “For every 1 million miles we save, we save about $3 million, leading to larger member rebates.” Additionally, the company’s dimensional lumber sales are outpacing housing starts by 2%. 

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Starr added: “We’ve committed considerable resources to create a fully integrated system that helps our members drive more sales with outstanding store performance and an unbeatable customer experience. Our investments in infrastructure and streamlined workforce are all integrated to give our store owners a tremendous advantage over the competition.” Do it Best is also making significant investments in its operations, a total of $27 million has been set aside for enhancing warehouse operations.

“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 is looking forward to its upcoming spring market in Houston from March 23–25. The event is expected to have an exceptional member and prospect turnout, and there will be a large number of vendors present, including an expanded lineup of hand and power tool vendors. Paslode is one of the vendors that will be participating. “We’re expanding and strengthening our relationships with vendors, even as some competitors are facing vendor losses and legal challenges,” said Starr. “The expanded offerings at our market underscore our dedication to providing our members with unparalleled access to the latest innovations and products that are essential for their success.” 

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The Do it Best team continues to make strategic advancements to help member-owners drive growth and success in the coming year. 

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