Ace Hardware powered through a solid first quarter, reporting record revenues, a growing e-commerce business and a 3.9% increase in retail same-store sales.
Record first quarter 2019 revenues came in at $1.38 billion, an increase of 5.1%, from the first quarter of 2018. Increases were noted across most departments with winter goods, grilling and power tools showing the largest gains.
The 3.9% increase in retail same-store-sales during the first quarter of 2019 reported by the approximately 3,200 Ace retailers who share daily retail sales data was the result of a 3% increase in average ticket and a 0.9% increase in same-store transactions.
Net income was $22.6 million for the first quarter of 2019, an increase of $10.7 million from the first quarter of 2018. The increase in net income was driven by revenue growth and the timing of vendor funds earned, the cooperative said.
“Significant growth from new stores, including 47 in the first quarter, solid same-store-sales growth and a 55% surge in revenue from acehardware.com fueled our 5.1% revenue increase and 89.9% net income growth,” said John Venhuizen, president and CEO, Ace Hardware.