Exhibit 99.1

                                 [TRUSERV LOGO]

                                EARNINGS RELEASE


                                          For more information contact:
                                          Shelley Hughes
                                          TruServ Corporation
                                          (773) 695-5258


                     TRUSERV REPORTS FIRST QUARTER EARNINGS
                    RESTRUCTURING ACTIONS DELIVERING RESULTS


         CHICAGO, MAY 2, 2002 - TruServ Corporation reported today net earnings
for the quarter ended March 30, 2002 of $4.6 million, an $18.5 million
improvement compared with a loss of $13.9 million for the same period a year
ago.
         Net earnings for the month of March were $2.1 million, versus a net
loss of $2.3 million for the same period a year ago, which is a profit
improvement of $4.4 million.
         Revenue for the quarter was $553.2 million, down 15.5 percent from
$654.3 million, for the same period a year ago. Almost half of this revenue
decline is the result of the co-op's disposition of its lumber and Canadian
businesses.
         Revenue for the month of March was $218.7 million, down 12.2 percent
from $249.0 million for the same period a year ago.
         President and Chief Executive Officer Pamela Forbes Lieberman
attributed the principal portion of the profit improvements to aggressive
reductions in selling, general and administrative expenses.
         "Last fall we committed to our retailers that we would lower our
infrastructure costs," said Forbes Lieberman. "Our first quarter results show
that we're doing that. We made some tough decisions about staffing levels and
distribution center closures in 2001 and we are pleased to start seeing the
benefits."
         TruServ, headquartered in Chicago, is one of the world's largest
member-owned wholesale hardware cooperatives with sales of $2.6 billion in 2001.
The TruServ cooperative includes approximately 7,000 independent retailers
worldwide operating under the store identities of True Value, Grand Rental
Station, Taylor Rental, Party Central, Home & Garden Showplace and Induserve
Supply. Additional information on TruServ and its retail identities is available
at www.truserv.com.

This earnings release may contain forward-looking statements that involve risks
and uncertainties. The following factors could cause results to differ
materially from management expectations as projected in such forward-looking
statements: seasonal variations, competition, risks of new business areas, the
availability and cost of real estate and construction, and changes in federal or
state legislation or regulations. Members are referred to the "Cautionary Note
Regarding Forward-Looking Statements" in the company's most recent Form 10-K,
which Note is incorporated into this news release by reference.

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