In the third quarter, Ace Hardware Corp. reported record revenues of $2.29 billion, up 2.5% from the year-before period.
The cooperative posted net income of $130 million versus $100.6 million, while net income attributable to Ace Corporation was $130.5 million versus $100.7 million in the year-previous quarter.
Of the revenue total, wholesale contributed $2.09 billion and retail $194.9 million versus $2.04 billion and $193.4 million in the period a year prior, the company noted.
Operating income was $140 million versus $107.4 million in the year-earlier quarter.
The approximately 3,700 Ace retailers who share daily retail sales data with the company reported a 0.7% decrease in comparable sales during the quarter, which was the result of a 0.5% decline in average ticket and a 0.2% decrease in transactions across U.S. stores. With the deflationary impact of lumber stores excluded, U.S. retail comps were up 0.6% versus the period in the year past. Ace added 36 new domestic stores in the quarter and canceled 17.
“It’s quite the privilege to once again announce record revenue and record earnings for the quarter,” said John Venhuizen, Ace president and CEO, in announcing the financial results. “Nearly 24% growth in our digital business is a testament to the efficacy of the Ace team and the degree to which our local retailers have integrated our digital and physical assets, as 90% of the business is either picked up in-store or delivered to the customer by our retail associates.”
