Ace Hardware Corporation reported third quarter 2017 revenues of $1.34 billion, an increase of 9.1% from the third quarter of 2016. Net income was $53.8 million for the third quarter of 2017, an increase of 7.2% from the third quarter of 2016.
The Oak Brook, Ill.-based co-op’s sales gain was driven by retail same-store sales increase of 7.1%.
Total wholesale revenues were $1.28 billion, an increase of $105.9 million, or 9.0%, as compared to the prior year third quarter. Increases were noted across all departments with outdoor living and lawn and garden showing the largest gains.
Ace added 43 new domestic stores in the third quarter of 2017 and cancelled 34 stores, pushing the company’s total domestic store count to 4,366 at the end of the third quarter of 2017. That’s an increase of 31 stores from the third quarter of 2016.
Retail revenues from Ace Retail Holdings division – the co-op-owned Westlake Ace Hardware chain -- were $65.5 million in the third quarter of 2017. This was up 9.3%, from the third quarter of 2016. The increase was primarily the result of new retail stores added since the third quarter of 2016 and a 2.9% increase in same-store sales, the company reported.
[View the co-op’s full Q3 press release here]
Looking back at a third quarter marked by hurricanes and wild fires, Ace Hardware CEO John Venhuizen tipped his hat to the team for their and disaster response efforts.
“It would be an act of ingratitude not to give special thanks to the Ace team and our heroic retailers in the hurricane impacted areas of the world,” said Venhuizen. “While the hurricane activity accounted for only 18 percent of our third quarter revenue growth, it demonstrated a massive amount of servant-hearted teamwork across the enterprise and continues to garner our prayers and support as many difficult days remain for these regions."