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November 19, 2021

Ace Hardware Continues Making Strides in Q3

Posted In: Retail Articles

Ace Hardware Corp. set a revenue and an earnings record in the third quarter.

The cooperative posted a record net income of $99.3 million for the quarter, up to $600,000 from the year-before period, according to Ace.

Retail comparable sales in the United States reported by the approximately 3,400 Ace retailers who share daily data rose 0.3% during the quarter, with the figure resulting from a 7.5% increase in average ticket offset by a 6.7% decrease in same-store transactions.

Ace stated that its record $2 billion third-quarter revenues, was up 1.4% from the year-past period.

Total wholesale revenues were $1.8 billion, up 1.4% in the quarter year over year with outdoor power equipment, basic electrical and power tools enjoying the largest gains among product categories.

Total retail revenues for the quarter were $189.1 million, up 1.5% versus the year-earlier quarter.

“In light of last year’s extraordinary growth, and despite significant headwinds from global supply chain disruption, I’m pleased to see increases in both the top and bottom line for the quarter,” said John Venhuizen, Ace president & CEO. “We added to 2020’s unprecedented surge in business, and our two-year stacked growth for the third quarter is up 32% in revenue and 64% in net income from 2019. The Ace team continues to serve and support in a difficult environment.”

Ace added 48 new domestic stores in the third quarter of 2021 and canceled 18, finishing the period with 4,759 retail locations, up 174 from the 2020 period’s end. On a worldwide basis, Ace added 49 stores in the third quarter and canceled 18, finishing the period with 5,581 stores.

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