Ace Hardware Boosts Net Income, Comps In Q3

For its fiscal third quarter ended October 3, Ace Hardware Corp. posted company net income of $54.2 million versus $37.3 million in the year-earlier quarter. Comparable store sales increased 5.3%.

Average ticket price gained 4.3% in the quarter and customer count increased 0.8% year over year.

The hardware cooperative posted total revenues of $1.28 billion versus $1.13 billion in the year-prior quarter.

Wholesale revenues were $1.22 billion versus $1.07 billion in the year-ago quarter, and retail revenues were $60.2 million versus $55.1 million in the 2014 period. Operating income in the third quarter was $56.9 million compared with $40.8 billion in the same period of the previous year.

Ace added 36 new domestic stores in the quarter and cancelled 17, bringing the store count across the United States to 4,275.