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.