Do it Best Reports Record Member Rebates
Do it Best Corp. reported record net profitability and record rebates for the fiscal year ending June 27, 2020. Total sales were $3.6 billion, net profit was up 12.6% and the rebate to members was $128.4 million. Sales through the warehouse were up 11%, spurred by sustained demand for paint supplies, lawn and garden, housewares, outdoor living, hardware and plumbing.
“In a year that threw unprecedented challenges at Do it Best and its member-owners, we worked together to satisfy the needs of the communities they serve,” said President and CEO Dan Starr. “In doing so, we posted record profits for the co-op. Those profits are then distributed to our members to use to reinvest in their businesses.”
“On behalf of the board of directors, I’m grateful to our members for their loyalty to the co-op and to the Do it Best team for working tirelessly to position the co-op and its members for continued success,” added Board Chair Brad McDaniel, owner of McDaniel’s Do it Center in Washington.
Direct sales closed up 4% and lumber, despite volatile market conditions and price deflation, ended consistent with the prior year. The company’s Fiscal Year 2020 ran from June 30, 2019 through June 27, 2020. Rebates will be mailed out to members during the company’s virtual fall market in mid-September.