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Ace Hardware Corporation reported record Q4 2022 revenues of $2.2 billion, an increase of $124.5 million or 6% from the fourth quarter of 2021. Net loss was $4.6 million for the fourth quarter of 2022, a decrease of $13.9 million from net income of $9.3 million for the fourth quarter of 2021.
Full-year revenues were a record $9.2 billion, an increase of $575.6 million or 6.7% from 2021 revenue. Net income for fiscal 2022 was $340.6 million, an increase of $10.6 million from fiscal 2021.
“Financial results for 2022, subject to all appropriate caveats implicit in an unusual year, exceeded our expectations,” says president and CEO John Venhuizen. “We are pleased to announce record revenue, record profit, record shareholder distributions and record contributions to our charitable foundation. With shareholder dividends of $345 million and pre-tax return on equity of 39.2%, the Ace team is to be commended for the discipline, production and stewardship with which they managed our resources and opportunities.”
The approximately 3,600 Ace retailers who share daily sales data reported a 5.2% increase in U.S. retail same-store sales during the fourth quarter of 2022. Estimated retail inflation of 9% drove a 6.4% increase in average ticket. Same-store transactions were down 1.2% during the quarter. For the full year, retail same-store sales increased 3.2%. Estimated retail inflation of 10.7% drove an 8.4% increase in average ticket. Same-store transactions were down 4.7% for the full year.
“I’m also delighted to report record contributions of $22.7 million to the Ace Foundation,” Venhuizen says. “The degree to which Ace serves their local communities never ceases to amaze me.”
Ace Hardware was also recently named one of the top franchises in the world for 2023. Read more here.
