Store, Digital Sales Drive Ace Hardware To Strong Q3

Growth in comparable store sales in the U.S. and digital revenues drove Ace Hardware to a big third quarter.

Net income was $98.7 million for the 2020 third quarter, up 61.3% from the previous year quarter, the company reported.

A year-over-year 28.9% advance in retail comparable-sales in the quarter as reported by the 3,300 Ace retailers across the U.S. who share daily retail sales data resulted from a 12.3% increase in transactions and a 14.8% increase in average ticket.

Digital revenues gained 221% from the year-before period, according to Ace.

Consolidated revenues for the quarter were $2 billion. Total wholesale revenues were $1.81 billion, an increase of 29.2%, versus the period a year earlier. Total retail revenues were $186.3 million, up 47.5% from the year-prior period.

“A 221% increase in our digital business and same-store sales growth of 28.9% fueled record revenue and earnings in an environment that continues to be very difficult and demanding for both our customers and our associates,” said John Venhuizen, Ace president and CEO.