Ace Hardware Boosts Second Quarter Sales

Ace Hardware Corporation has reported second quarter 2015 revenues of $1.4 billion, an increase of $86.2 million or 6.5% from the second quarter of 2014’s $1.3 billion in revenue. Net income was $57.5 million for the second quarter of 2015, ended July 4, a decrease of $9 million from last year’s $66.5 million net income, but still the second highest in company history, according to Ace.

“Ace’s record second quarter revenues for the second consecutive year were a direct result of the hard and effective work of our great people and world class retailers,” said John Venhuizen, president and CEO, Ace Hardware Corp. “While our net income declined from last year, we are still far ahead of our plan and believe the investments we are making are a significant driver of the impressive 4.6% increase in retail same store sales for the quarter.”

For the first half of 2015, retail same store sales reported by the approximately 3,000 Ace retailers who share daily retail sales data increased 6.5% and Ace Retail Holdings (ARH) rose 4.7% due to an increase in customer count and average transaction size.

Ace noted that revenue increases were across almost all departments with outdoor living, electrical and lawn and garden showing the largest increases. Average ticket price increased 3.1% and customer count increased 0.9% compared to the prior year period.

The company added 31 new domestic stores in the second quarter of 2015 and cancelled 27 stores. This brought the hardware cooperative’s total domestic store count to 4,256 at the end of the second quarter of 2015, an increase of 30 stores from the previous second quarter.