Hardware Retailing The Industry's Source for Insights and Information
Ace Hardware Corp. experienced increases in revenue and net income during the first quarter of 2017, as well as a slight dip in same-store sales.
On May 17, the cooperative reported first-quarter 2017 revenue of $1.24 billion, which was an increase of 0.1 percent above the same period in 2016. Net income was $28.3 million, for a year-over-year increase of 8.4 percent.
Decreased customer traffic produced a 0.2 percent decrease in retail same-store sales during the first quarter, according to Ace Hardware. Approximately 3,000 Ace retailers share daily retail sales data, which the co-op uses to calculate same-store sales.
Total wholesale revenues were $1.19 billion, which were flat compared to the prior year’s first quarter.
Retail revenues from Ace Retail Holdings, which is composed of the Westlake Ace Hardware store chain, were $52 million. This was an increase of 2.8 percent from the first quarter of 2016.
The revenue increase for Westlake Ace was the result of new stores added since the first quarter of 2016, the co-op reports. Westlake’s same-store sales decreased 3 percent compared to the first quarter of 2016, primarily because of decreased customer traffic, according to the company.
Ace Hardware’s worldwide store count was 5,003 at the end of the first quarter. The Oak Brook, Illinois, co-op has member stores in about 55 countries.
