Ace Hardware Corporation has reported what it termed its best first quarter for both revenues and net income in its 90-year history. Total revenues were $1.1 billion for the first quarter of 2014, ended March 29, an increase of $155.5 million or 16.8% from the first quarter of 2013. Net income was $24.4 million for the first quarter of 2014, an increase of $20 million or 454.5% from the first quarter of 2013.
“I’m so proud and appreciative of the entire Ace team for using last year’s record performance as a springboard to even greater success,” said John Venhuizen, Ace president and CEO. “While the frigid winter certainly helped our Q1 business, I’m pleased to see our winter categories were less than 20% of our overall growth as all core hardline departments were up sharply and contributed significantly to our increase.”
Ace continues aggressive plans in 2014 to help retailers increase sales and profits through 20/20 Vision, the company’s long-term retail growth strategy. In addition to this, Ace’s first quarter acquisition of Emery-Waterhouse serves as a catalyst to leverage wholesale purchasing power and advance the company’s strategic plans in the wholesale distribution industry. The 3,100 Ace retailers who transmit daily retail POS data had a strong start to the year with increased customer count and average transaction, which contributed to a 5.2% same-store-sale increase, according to the retailer.
Ace added 84 new stores and canceled 35 stores in the first quarter of 2014 for a net increase in store count of 49. This brought the company’s total global store count to 4,878 at the end of the first quarter 2014, an increase of 161 stores from the first quarter of 2013.