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Ace Hardware Corp. reported a record fourth quarter revenue in 2019 of $1.5 billion, a 6.1 percent increase from the fourth quarter of 2018. Net income was $3.5 million for the quarter, a decrease of $21.7 million from the fourth quarter of 2018. The co-op also reported increases over the full year, including revenues of $6.1 billion, a 6.2 percent increase over 2018 revenue.
“I’m delighted to report record revenue that exceeded $6 billion for the first time in Ace’s history,” says John Venhuizen, president and CEO, in the company’s news release. “Our best-ever sales and dividend payments to shareholders were largely driven by 208 new store openings across the globe, a 59 percent increase in our acehardware.com business and solid same-store sales growth of 2.8 percent from our very talented local Ace owners across the U.S.”
According to the release, the 2.1 percent increase in retail same-store sales during the fourth quarter of 2019 reported by the approximately 3,200 Ace retailers who share daily retail sales data was the result of a 3.2 percent increase in average ticket, partially offset by a 1.1 percent decrease in same-store transactions. The 2.8 percent increase in retail same-store sales for the full year was the result of a 2.6 percent increase in average ticket and a 0.2 percent increase in same-store transactions.
Ace Hardware is the largest retailer-owned hardware cooperative in the world with more than 5,300 locally owned and operated hardware stores in approximately 70 countries.
To read a more in-depth analysis of Ace’s 2019 financial results, click here.
