Ace posts sales and income gains in Q1
Oak Brook, Ill.-based Ace Hardware Corp. posted total revenues of $908.2 million for the first quarter of 2012, an increase of 6.3% compared with 2011.
Net income was $10.2 million for the first quarter of 2012, an increase of 49.3% compared with $6.8 million in 2011.
“We are very pleased with our first-quarter results," said Ray Griffith, Ace president and CEO. “The early spring weather and the successful launch of our new Clark+Kensington paint and primer in one drove substantial increases in revenue. In addition, we entered into a new credit agreement in April on favorable terms that will allow us to refinance our debt and realize significant interest savings over the life of the agreement.”
Merchandise sales to comparable domestic stores increased 4.8% in the first quarter of 2012 compared with the prior year. Merchandise sales to new domestic stores activated in the 2011 and 2012 fiscal year periods contributed $19.8 million in incremental sales during the quarter, while merchandise revenues decreased $10.3 million due to canceled stores. This is a net increase in revenues of $9.5 million in 2012 compared with a net increase of $6.7 million in 2011.
Merchandise sales from Ace’s international business increased $7.7 million, or 19.3%, in the first quarter as compared with the prior-year primarily due to higher sales to retailers in the Asia and Latin America markets.
Ace added 30 new stores and canceled 25 stores in the first quarter and ended the quarter with a total domestic store count of 4,077.
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True Value Q1 revenue up slightly
Chicago-based True Value has posted first-quarter revenue of $448.2 million, up 0.1% from $447.8 million in the same period a year ago. The cooperative posted a net margin of $8.1 million in the quarter ended March 31, the same as the year-ago period.
Revenue was essentially flat in the first quarter due to a lack of snowfall and cold weather in January and February, which drove down sales of ice-melt, snow throwers, shovels and portable heaters. Warmer temperatures in March drove stronger sales of paint, lawn mowers, fertilizers, herbicides, grass seed, insect control and grills.
“Though our winter seasonal product sales were down 50%, our core hardware categories were up 6.4%,” said president and CEO Lyle Heidemann. “Our retailers’ sales were up 2.6% in the quarter, 11.3% in March and 6.1% in April.
“We rolled out 451,000 sq. ft. of new DTV stores or remodels in the first quarter with 30 more projects expected to launch in the second quarter,” he added. “Our retailers continue to invest in their stores and reap the benefits of this new format.”
First-quarter profit was also flat as a slight increase in the gross margin rate to 11.2% from 11.0% a year ago was offset by higher employee benefit costs.
On April 13, the True Value amended its $250 million revolving credit facility to lower its average interest rate by 50 basis points. The amended bank agreement has a term of five years, expiring in April 2017.
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Do it Best upgrades its Channellock Web page
Fort Wayne, Ind.-based Do it Best Corp. enhanced its e-commerce website devoted to the sale of Channellock products.
The new site, Channellockproducts.com, is a subsidiary of Do it Best Corp. and is described as “powered by Doitbest.com.”
The site is one of the outcomes of a major initiative in 2009 that brought certain Channellock products exclusively into Do it Best stores in the categories of protective gear, wet/dry vacs, flashlights and other licensed products.
To promote the site, Do it Best is giving away eight Channellock wall-mount wet/dry vacs.
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