RadioShack hires former Ace CFO
Dorvin Lively, the former chief financial officer and executive VP of Ace Hardware, has been hired at RadioShack as the company’s CFO, chief administrative officer and executive VP, effective immediately.
Lively, 53, left the Oak Brook, Ill, buying group on Aug. 10. He joined Ace in March 2008 as senior VP and CFO and was promoted to executive VP in December 2010.
At RadioShack, Lively will be responsible for the electronics retailer’s finance, treasury, financial planning, investor relations, corporate communications, real estate, supply chain and dealer functions.
Bibens Ace Hardware Store enters conservation spotlight
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.
Ace Q2 revenues increase to $1.021 billion
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.