DISTRIBUTORS/CO-OPS

Bibens Ace Hardware Store enters conservation spotlight

BY HBSDealer Staff

The Secretary of the Interior Ken Salazar picked a Vermont Hardware Store to promote conservation and control the sea lamprey.

Bibens Ace Hardware in Colchester, Vt., welcomed Salazar to the store, where he spoke about the connection between outdoor recreation, conservation and job creation, according to an article on the Vermont Public Radio website.

"The people who walk in through those doors to buy the fishing gear, the fishing tackle, they are investing in job creation here in America," Salazar said.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

POLLS

How much credit should be given to the co-op business model for the success of the independent hardware and building supply dealer over the last half century?
DISTRIBUTORS/CO-OPS

Ace Q2 revenues increase to $1.021 billion

BY HBSDEALER Staff

In a second-quarter earnings season characterized by weather-depressed sales figures, Oak Brook, Ill.-based Ace Hardware Corp. managed to show a gain in revenues.

For the three months ended July 2, Ace saw revenues increase 0.5% to $1.021 billion. For the six-month period, sales increased 1.6% over the same two quarters in 2010.

“We are very pleased with our solid performance during the second quarter despite unfavorable weather conditions in April and May,” said Ray Griffith, Ace president and CEO. “In addition, we are excited about the introduction of our Clark+Kensington paint and primer, which will help drive increased sales and profitability for our retailers.”

The increase in revenue came as the company added 32 new stores and canceled 41. It ended the quarter with a total store count of 4,435, including international locations.

Net income for the quarter was $34.6 million, up 20% from the same period last year.

Other financial highlights from Ace’s second quarter:
• Merchandise sales to comparable domestic stores increased 0.6%;
• Gross profit for the quarter was $125.1 million, a decline of 12.2% from the prior year. Higher inbound freight costs contributed to the decline.
• Operating expenses decreased 15.7% to $83.7 million. 

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

POLLS

How much credit should be given to the co-op business model for the success of the independent hardware and building supply dealer over the last half century?
DISTRIBUTORS/CO-OPS

Do it Best Corp. taps new advertising agency

BY HBSDealer Staff

Do it Best Corp. has named Ferguson Advertising its agency of record, assisting the hardware and lumber co-op in a variety of its marketing efforts. 

"We’re excited to announce this new strategic partnership with Ferguson Advertising," said Tim Miller, VP marketing for Do it Best. "Our advertising, marketing and public relations work will certainly play an important role in our future growth and success, and we look forward to Ferguson’s contributions in these areas."

Services provided by Ferguson to Do it Best under the agreement will include strategic planning, creative development, and execution for advertising and annual reports, as well as overall marketing and public relations support.

"Do it Best Corp. is a truly global company based here in northeast Indiana, so it’s an honor for us to enter into this agreement with them," said John Ferguson, owner and president of Ferguson Advertising. "We look forward to doing everything we can to help the company meet and exceed its marketing goals and objectives in both the near- and long-term future."

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

POLLS

How much credit should be given to the co-op business model for the success of the independent hardware and building supply dealer over the last half century?