Ace Hardware registered record first quarter results, and the home improvement retailer said that its growth momentum continued into the month of April.
The hardware cooperative reported first quarter 2020 revenues of $1.43 billion, an increase of $51.9 million, or 3.8%, from the first quarter of 2019. Net income was $36.2 million for the first quarter of 2020, an increase of $13.6 million from the first quarter of 2019.
The 4.2% increase in U.S. retail same store sales during the first quarter of 2020, which ended March 28, reported by the approximately 3,200 Ace retailers who share daily retail sales data was the result of a 5.1% increase in average ticket partially offset by a 0.9% decrease in same-store transactions. Sales increases were noted across several departments, with power tools, cleaning supplies and grilling showing the largest gains, the company said.
“While our first quarter generated record sales and profit, we humbly acknowledge that this global pandemic has ripped open much of the world like a nasty earthquake in the six weeks since our quarter ended. Business has changed dramatically in this period, as has life for a meaningful portion of the world,” said John Venhuizen, president and CEO, Ace Hardware. “In the month of April, U.S. retail same-store sales increased 26% and our online business surged 580%; primarily through curbside pickup, in-store pickup and delivery from our locally owned stores.”
“We feel both the blessing and the burden of being declared an essential retailer,” added Venhuizen. “The protection of our people and our neighbors remains our highest priority. I want to convey my deep and sincere appreciation to the Ace team and in particular our steady-handed drivers, our hard-working warehouse specialists and our in-store, red-vested heroes for their grit, guts and servant hearts.”