Ace Hardware Corporation has reported what it termed record total revenues of $1.33 billion for the second quarter of 2014, ended June 28, 2014, an increase of $157 million or 13.4%, from the second quarter of 2013. Record net income was $66.5 million for the second quarter of 2014, an increase of $24.2 million or 57.2% from the second quarter of 2013.
During the second quarter of 2014, same store sales were up 3.5% versus the prior year and are up 5.7% for the first half of 2014. Increases were noted in virtually every department with the paint, electrical, and lawn and garden categories showing the largest gains, Ace reported. The company has also remodeled and re-equipped over 3,300 stores as part of its new Paint Studio initiative which contributed to second quarter wholesale revenues and record retail sales in May.
Ace added 43 new stores and cancelled 44 stores in the second quarter of 2014 for a net decrease in store count of one. This brought the company’s total global store count to 4,877 at the end of the second quarter of 2014, an increase of 136 stores from the second quarter of 2013.