Ace Hardware reports record Q2 revenues

Ace Hardware Corporation ("Ace" or the "Company"), the largest retailer-owned hardware cooperative in the world, today reported record second quarter 2018 revenues of $1.59 billion, an increase of $95.5 million, or 6.4 percent, from the second quarter of 2017.  Net income was $54.8 million for the second quarter of 2018, an increase of 7.2 percent from the second quarter of 2017.

"We continued to see revenue growth across all of our business units in the second quarter, with the strongest results coming from our local owners in the domestic business which increased almost 6.0 percent," said John Venhuizen, President and CEO. "And I'm delighted with our 7.2 percent net income growth despite the expense pressures from our material investments in both our wholesale infrastructure and our digital expansion. We successfully shipped our first order from our new 1.1 million square foot Fredericksburg retail support center on June 4th and launched our new hyper-localized Acehardware.com website on July 30th, which was up 34 percent in the second quarter."

The 3.3 percent increase in retail same-store-sales during the second quarter of 2018 reported by the approximately 3,000 Ace retailers who share daily retail sales data was the result of a 4.1 percent increase in average ticket, partially offset by a 0.8 percent decrease in same-store transactions.

Recognition

Market Force Information®, a worldwide leader in customer experience management, named Ace Hardware "America's favorite home improvement store" for the second year in a row in the home improvement category of its annual survey.

About Ace Hardware

Ace Hardware is the largest retailer-owned hardware cooperative in the world with more than 5,100 locally owned and operated hardware stores in approximately 65 countries. Headquartered in Oak Brook, Ill., Ace and its subsidiaries operate an expansive network of distribution centers in the U.S. and have distribution capabilities in Ningbo, China; Colon, Panama; and Dubai, United Arab Emirates. Since 1924, Ace has become a part of local communities around the world and known as the place with the helpful hardware folks. For more information, visit acehardware.com or newsroom.acehardware.com.

Source : Ace Hardware

Image : Susan Montgomery / Shutterstock.com 213006088 

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