Ace hammers out record Q2 sales
Ace Hardware Corp., based in Oak Brook, Ill., reported record Q2 2022 revenue of $2.533 billion, its best Q2 revenue on record it said, and second quarter net income of $124.8 million.
The company reported Q2 revenue of $2.533 billion, an increase of $66.1 million, or 2.7%, from the second quarter of 2021.
Ace Hardware reported net income was $124.8 million for the second quarter of 2022, an increase of $8.8 million, from the second quarter of 2021.
Increases were seen across most departments with outdoor power equipment, plumbing, paint and outdoor living showing the largest gains, said Ace.
Total retail revenues for the quarter were $258.0 million, said the firm, an increase of $2.7 million, or 1.1%, as compared to the prior year second quarter.
Retail revenues from Ace Retail Holdings LLC (“ARH”) were $252.4 million in the second quarter of 2022, it was reported, an increase of $3.7 million, or 1.5%, from the second quarter of 2021.
This increase was driven by new stores added by the Westlake Ace Hardware (“Westlake”) and the Great Lakes Ace Hardware (“GLA”) chains since the second quarter of 2021.
The Bottom Line: Ace Hardware sales for the second quarter moved ahead nearly 3%, at $2.5 billion.
What the CEO said: “Nominal growth continues to be solid. The primary fuel has come from last year’s 182 new domestic stores, this year’s 88, and the aberrant and stubborn impact of inflation,” said John Venhuizen, president and CEO.
Ace said it added 38 new domestic stores in the second quarter of 2022 and cancelled 12 stores. The company’s total domestic store count was 4,816 at the end of the second quarter of 2022 which was an increase of 87 stores from the second quarter of 2021.
On a worldwide basis, Ace added 46 stores in the second quarter of 2022 and cancelled 12, bringing the worldwide store count to 5,660 at the end of the second quarter of 2022, said the company.
Company info: Click HERE to read the Q2 2022 financial report from Ace Hardware.