Ace Hardware Corporation has reported total revenues of $1.13 billion for its third quarter of 2014, ended September 27, an increase of $94.6 million or 9.1%, from the third quarter of 2013. Net income was $37.3 million for the third quarter of 2014, an increase of $2.9 million or 8.4% from the third quarter of 2013.
Ace noted that its retailers increased customer count and average transaction size which contributed to a 3.7% same-store-sales increase. For the first nine months of 2014, same-store sales were up 4.1%.
“My sincere thanks and congratulations to our retailers, their associates and the entire Ace team for a third consecutive quarter of record performance,” said John Venhuizen, Ace president and CEO. “The company’s growth continues to be broad, with more than half of the 23 merchandising categories realizing double-digit growth for the year. Our top and bottom line performance for the entire year has been largely driven by wholesale efficiency, retail growth from our owners and a surge of 152 new domestic stores— more than half of which were competitor conversions.”
Ace added 48 new stores and canceled 22 stores in the third quarter of 2014 for a net increase in store count of 26. This brought the company’s total global store count to 4,903 at the end of the third quarter of 2014, an increase of 138 stores from last year’s third quarter.