Ace sets record sales, profits

Ace Hardware’s full year revenue reaches new record level, topping previous highs.
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Ace Hardware Corp., based in Oak Brook, Ill., reported record 2022 revenue of $9.2 billion and record net income of $340.6 million.

The company reported a record full year revenue of $9.2 billion, an increase of $575.6 million or 6.7% over the previous year, and record full year net income of $340.6 million, an increase of 3.2%.

“Financial results for 2022, subject to all appropriate caveats implicit in an unusual year, exceeded our expectations. We are pleased to announce record revenue, record profit, record shareholder distributions, and record contributions to our charitable foundation,” said John Venhuizen, president and CEO.

In Q4, Ace Hardware reported record fourth quarter 2022 revenues of $2.2 billion, an increase of $124.5 million, or 6%, from the fourth quarter of 2021. Net loss was $4.6 million for the fourth quarter of 2022, a decrease of $13.9 million from net income of $9.3 million for the fourth quarter of 2021. 

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Increases were seen across most departments with outdoor power equipment, paint and outdoor living showing the largest gains, said Ace. Same store sales were up 3.2%, and average ticket items rose 8.4%.

The company said, “total retail revenues for the quarter were $189.5 million, a decrease of $15.4 million, or 7.5%, as compared to the prior year fourth quarter. This decrease is due to the closure of The Grommet during the third quarter of 2022, resulting in the absence of any revenues from Ace Ecommerce Holdings LLC in the fourth quarter of 2022.”

The Bottom Line: Ace Hardware sales for the year moved ahead nearly 7% to more than $9 billion.

What the CEO said:  The CEO noted “shareholder dividends of $345 million and pre-tax return on equity of 39.2%,” said Venhuizen.

“I’m also delighted to report record contributions of $22.7 million to the Ace Foundation. The degree to which Ace serves their local communities never ceases to amaze me,” said Venhuizen.

On a worldwide basis, Ace added 232 stores in fiscal 2022 and cancelled 69, bringing the worldwide store count to 5,746 at the end of fiscal 2022, the company reported.

Company info: Click HERE to read the Q4 and full year 2022 financial report from Ace Hardware.

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