Hardware Retailing The Industry's Source for Insights and Information
Ace Hardware reported total fiscal 2013 revenues of $4.2 billion, an increase of $313.3 million or 8.2 percent. Net income was $104.5 million for fiscal 2013, an increase of $22.7 million or 27.8 percent, compared to $81.8 million in fiscal 2012.
Comparable-store retail sales were up 3.5 percent in the fourth quarter and up 4.3 percent for the year, with 75 percent of retailers surveyed reporting record net profits.
“2013 was a record year for the company,” said John Venhuizen, Ace president and chief executive officer. “We outperformed our operating plan, exceeding $4 billion in consolidated revenues and $100 million in net income for the first time in our history.”
The results for fiscal 2013 included a charge of $6.2 million related to the estimated costs to close the Toledo, Ohio Retail Support Center (RSC) while fiscal 2012 included a charge for the loss on the early extinguishment of debt of $19.9 million. The results for fiscal 2012 also included a $7.0 million gain on the sale of paint assets, net of acquisition and disposition costs.
Ace is also in the process of remodeling and re-equipping the paint departments at more than 3,000 Ace stores across the U.S. This includes new Ace Paint and Valspar product assortments, color merchandising palettes, new tinting machines, signage and decor that are all part of the new paint department floor plan. Since starting the rollout in early September, more than 1,600 stores have had their paint departments remodeled. Ace expects to have more than 3,000 stores completed by the time of the grand reopening of the paint business in May 2014.
To read the full press release click here.
