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Ace Hardware today reported the company’s best first quarter for both revenues and net income in its 90-year history, it says.
Total revenues were $1.1 billion for the first quarter of 2014, an increase of $155.5 million or 16.8 percent, from the first quarter of 2013. Net income was $24.4 million for the first quarter of 2014, an increase of $20.0 million or 454.5 percent from the first quarter of 2013.
“While the frigid winter certainly helped our Q1 business, I’m pleased to see our winter categories were less than 20 percent of our overall growth as all core hardline departments were up sharply and contributed significantly to our increase,” said John Venhuizen, Ace president and chief executive officer.
Ace continues aggressive plans in 2014 to help retailers increase sales and profits through 20/20 Vision, the company’s long-term retail growth strategy. In addition, Ace’s first-quarter acquisition of Emery-Waterhouse serves as a catalyst to leverage wholesale purchasing power and advance Ace’s strategic plans to be a leader in the wholesale distribution industry.
The 3,100 Ace retailers who transmit daily retail POS data also had a strong start to the year with increased customer counts and average transactions, which contributed to a 5.2 percent same-store-sale increase.
“This quarter’s results show me that the model of localized, high touch service is alive and well at Ace and continues to deliver relevance to the consumer and economic benefits to the Ace owner,” Venhuizen said.
