Double-digit sales growth for Ace in Q3
Oak Brook, Ill.-based Ace Hardware Corp. reported total revenues of $912.0 million for the third quarter of 2011, an increase of 10.6% from 2010.
“Our third-quarter results reflect revenues and net income that were higher than both last year and our plan,” said Ray Griffith, Ace president and CEO. “We are pleased with the results from our strategic initiatives, such as Craftsman and Clark+Kensington paint and primer, during the current year. These strategic initiatives provide a solid platform for future long-term growth.”
For the nine-month period ended Oct. 1, total revenues were $2.787 billion, an increase of 4.3% from 2010.
Net income was $17.0 million for the third quarter of 2011, up 22.9%. For the nine-month period, net income was up 7.2% to $58.5 million.
Merchandise sales to comparable domestic stores increased 8.9% in the third quarter of 2011 compared with the prior year. During the third quarter, the company had an increase in sales from new domestic stores of $18.0 million. This increase was partially offset by a decrease in sales due to domestic cancellations of $11.0 million.
Ace added 35 new stores and canceled 46 stores in the third quarter and ended the quarter with a total domestic and international store count of 4,424.
No comments found
In Denver, a makeover compliments of Ace
While in Denver for its annual retailer convention, Ace Hardware surprised Ayla Charness, the Children’s Miracle Network Hospitals Colorado Champion, with a complete bedroom makeover.
“At Ace, we believe in giving back to the communities we serve, and we’re honored to do that through our work with Children’s Miracle Network Hospitals all across the country,” said Jimmy Alexander, president of the Ace Foundation. “We are proud of the work we’ve done here in Denver, and all across the country with the help of our valued retailers and vendors. We look forward to continuing our mission of giving for years to come.”
In Denver, the project was led by Ace Hardware’s Home Expert, Lou Manfredini, with support from neighboring retailers — Ralston Ace Hardware and Ace Hardware at Westwoods.
This year marks the 20th anniversary of Ace’s support of Children’s Miracle Network Hospitals, and in celebration of this milestone Ace is participating in the charity’s annual Champions program. This initiative selects one child from each state with an extraordinary medical history to serve as an ambassador for the 170 Children’s Miracle Network Hospitals across the country.
In Colorado, Charness was chosen as this year’s representative for the state. After a minor playground accident caused severe bruising at the age of three, Charness was diagnosed with a rare blood disorder called idiopathic thrombocytopenic purpura (ITP). Since her diagnosis, she has faced the challenges of her disease with maturity, empathy and patience, and is a strong advocate for the kids in her community who are confronting the same challenges.
“For 20 years, Children’s Miracle Network Hospitals, and the children they support, have been a very special part of the Ace family,” Manfredini said.
The project also received donations from American Furniture Warehouse, Essco Carpets and CertaPro painters of Arvada. Ace transformed Charness’ bedroom from floor to ceiling, featuring Ace’s new Clark+Kensington paint.
It looks lovely, I like the
It looks lovely, I like the paint and the furnishing, it all looks relaxing and welcoming! What kind of mattress did they used? I hope it was a temperpedic one, they really are the best out there and Ayla would have enjoyed it. I just got one for my bedroom and I am more than happy to use it every night!
Do it Best tries in-store package-delivery centers
Package delivery network Kinek, which operates locations inside about 1,000 grocers, hardware stores, pharmacies and other spots, announced Do it Best has signed up to participate.
Kinek provides convenience to the customer, who can arrange to pick up all kinds of package deliveries at one of its delivery centers, called KinekPoints.
According to the San Francisco-based company, Kinek is an e-tailer and courier agnostic, which allows customers to have packages shipped from any website, retail outlet or individual in the world to a KinekPoint of their choice. Kinek integrates with all retailer logistics services to ensure secure delivery to the recipient’s requested KinekPoint, where the package is held until it’s ready for pickup.
In addition to announcing Do it Best’s involvement, Kinek said Med-Fast and StorageMart locations have also joined the network.
"People are frustrated with how traditional delivery services either require you to take time off work to sign for a package or leave valuable parcels unattended on doorsteps or in apartment lobbies," said Kerry McLellan, CEO, Kinek, in a press release. "KinekPoints gives customers a more convenient and secure way to receive packages, while introducing them to local businesses they might have otherwise missed."
No comments found