Strong Comp Performance Powers Ace Hardware Gains

In the first quarter, Ace Hardware Corp. generated net income of $29.9 million versus $24.4 million in the year-earlier period, the hardware cooperative announced. Comparable store sales at Ace retailers increased 9.2% consisting of a 5.3% increase in customer count and a 4.2% increase in average transaction size.

Revenues for the quarter came in at $1.2 billion, up 10% from the first quarter of 2014, the company reported.

Revenues advanced across all departments, Ace maintained, with paint, lawn and garden, auto and outdoor living, tools and electrical showing the biggest increases.

John Venhuizen, Ace president and CEO, stated, “Our strategic acquisitions, new stores and an impressive 9.2% increase in retail same store sales fueled the double digit growth.”

Ace reported that it added 33 new domestic stores in the first quarter and cancelled 32 stores. The company’s total domestic store count stood at 4,252 at first quarter’s end.