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Ace Hardware recently announced financial results for the 2024 fourth quarter and fiscal 2024.
The company reported record Q4 revenues of $2.3 billion, marking a 7.6% increase from Q4 of 2023. Full-year revenues increased 3.9% from last year, reaching $9.5 billion. Fourth quarter net income hit another record for the company, reported at $53.8 million.
Wholesale gross profit for the fourth quarter of 2024 was $267.4 million, up $40.9 million from Q4 of 2023. Q4 retail gross profit was $92.4 million, up from $8.5 million in Q4 of 2023.
“Strong comparable store sales during the fourth quarter from our hardware format stores, accelerated new store growth and our continued digital advance fueled a very encouraging 7.6% increase in revenue for the quarter,” says John Venhuizen, Ace Hardware president and CEO. “With record revenue, record shareholder dividends, record contributions to the Ace Foundation and nearly a 39% pre-tax return on shareholder equity, the Ace team is to be commended for the discipline, productivity and stewardship with which they managed our resources and opportunities.”
Daily sales data shared from around 3,700 Ace retailers reported an increase in Q4 U.S. retail same-store sales of 1.6%. This number was a result of a 1.9% increase in average tickets, slightly offset by a 0.3% decrease in same-store transactions. For the full year, U.S. retail same-store sales decreased 0.3%.
Consolidated revenues for fiscal 2024 totaled $9.5 billion, a $360.3 million increase year over year. Increases were seen across many departments with outdoor power equipment, grilling, power tools and generators showing the largest gains.
Ace added 215 new domestic stores in fiscal 2024, and canceled 65 stores, bringing the company’s total domestic store count to 5,144, an increase of 150 stores. Worldwide, Ace added 230 stores in fiscal 2024 and canceled 134.
