Ace Hardware Comps, Earnings Gain Through Q3

The third quarter saw comprehensive gains at Ace Hardware, as the hardware retailer continued to grow both net sales and income.

Net income for the third quarter was $60.3 million versus $36.3 million in the period a year before.

A reported 3.4% year over year advance in retail comparable sales for the quarter emerged from the 3,200 Ace retailers who share daily retail sales data with the corporation. A 2.4% increase in average ticket and a 1% increase in comparable transactions constituted the overall comp gain. The comp generated by increased 81%, the company added.

Third quarter revenues came in at $1.53 billion, up 7.2% from the year-prior period. Retail revenues were $126.3 million versus $85.9 million in the quarter in the year earlier, while wholesale revenues increased to $1.4 billion from $1.34 billion in the period year over year. Operating income was $55.1 million versus $35.7 million in the quarter a year previous.

“My thanks to our local owners for their continued momentum and growth. A 3.4% same-store sales increase, 48 new stores, and an 81% increase in revenue from drove our 7.2% increase in revenues,” said John Venhuizen, Ace president and CEO. “In addition to record revenues and profits, we are also proud that our stores continued growth has moved Ace into fifth place on the Franchise Times top 200 behind companies like McDonald’s, KFC and Burger King. Ace is the only non-food brand in the top five.”