Do it Best Reports Increase in FY 2024 Sales
Originally Published by: LBM Journal — August 29, 2024
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Do it Best, Indiana’s largest privately held company, reported $4.57 billion in sales for the fiscal year ending June 29, 2024, a 30% increase compared to 2019. The company also delivered the second-highest member rebate in its history, solidifying its resilience during a challenging year.
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“Our team faced a tough environment marked by decreased demand in the home improvement industry, rising interest rates, and an unusually mild winter. However, we navigated these challenges with excellence, keeping us on our path of growth and success,” said Do it Best President and CEO Dan Starr.
While Do it Best had projected flat sales for fiscal year 2024, the year concluded with a modest 4% year-over-year decline. The company attributes this decrease to a broader contraction in market demand and heightened competition, as the overall home improvement market saw a 1.8% downturn, according to the Home Improvement Research Institute (HIRI).
“Even in a difficult market, we achieved total sales of nearly $4.6 billion,” Starr noted. “Although this was 4% below the previous year, it demonstrates our ability to outperform the market in less than-favorable conditions.”
Beyond financial performance, Do it Best made strategic investments in member support and saw significant growth in membership.
“We committed resources to systems and initiatives that will yield long-term benefits,” said Starr. “Our enhanced enterprise resource planning (ERP) system will significantly improve data flow, streamline operations, and enhance efficiency for our members. Meanwhile, AI-driven ecommerce enhancements like improved search and personalization have boosted customer engagement and overall sales for our members. Our website upgrades, including a rental module, instant rebates, and Best Rewards integration, are providing more personalized experiences for customers.”
In terms of membership, Starr emphasized the impact of the company’s union with United Hardware. “On May 1, 2024, we solidified the merger which has only strengthened our market position. We expanded membership by over 20% and added a ninth distribution center in the Great Plains, reinforcing our growth strategy and improving our buying power.”
Overall, the company sees fiscal year 2024 as a success.
“Our disciplined focus on cost of goods, expense management, and strategic investments has positioned us for continued growth. We’re leveraging data and technology to drive profitability for our members, and we look forward to celebrating our accomplishments at our upcoming fall market in Indianapolis Sept. 6–9,” Starr concluded.