The first quarter was more profitable for Ace Hardware Corp. year over year as comparable and total sales also made gains.
The hardware cooperative posted net income of $70.1 million versus $30.3 million in the year-previous quarter.
The approximately 4,000 Ace retailers that share daily rales data with the company reported a 4.9% first-quarter year-over year comparable store sales gain in the United States resulting from a 4.2% increase in average ticket and a 0.7% increase in comp transactions.
First-quarter consolidated revenue totaled $2.47 billion versus $2.23 billion in the year-prior quarter. Total wholesale revenue in the period was $2.28 billion, up 11.3% year over year in the period, while total retail revenue was $185.8 million up 6.1%.
Operating income was $80.1 million versus $39.6 million in the year-earlier quarter.
“Our record first quarter results reflect a simple truth: when we serve our neighbors with excellence and urgency, growth follows,” said Ace CEO John Venhuizen. “Revenue up 10.9%, digital up 30%, and hardware format same-store sales up 6.1% with transactions rising 0.7%. Just as importantly, our team delivered a 129% increase in net income through strong growth and disciplined, judicious expense management, proof that being both fierce and frugal is still a winning formula.”
