Big growth at Ace
Ace Hardware Corp., based in Oak Brook, Ill., reported record Q3 2022 revenue of $2.2 billion, an increase of 10% from the third quarter 2021 revenue of $2 billion.
The retail hardware cooperative’s third quarter revenue of $2.232 billion is an increase of $203.2 million from the third quarter last year.
Ace Hardware reported net income was $100.6 million for the third quarter of 2022, an increase of $1.3% over third quarter 2021.
Increases were seen across several departments, said Ace, with holiday, paint and outdoor power equipment showing the largest gains. Ace retail holding rose 3.8% to $192.1 million.
The Bottom Line: Ace Hardware sales for the third quarter moved ahead 10%, at $2.2 billion.
What the CEO said: “Revenue and income now stand 44% and 66% higher than just three years ago. Despite, and in some cases because of rampant inflation, the Ace team continues to deliver superior financial results and exceptional customer service to and for our neighbors,” said John Venhuizen, president and CEO.
Ace said it added 35 new domestic stores in the third quarter of 2022 and cancelled 10 stores. The company’s total domestic store count was 4,841 at the end of the third quarter of 2022 which was an increase of 82 stores from the third quarter of 2021.
On a worldwide basis, Ace added 37 stores in the third quarter of 2022 and cancelled 15, bringing the worldwide store count to 5,682 at the end of the third quarter of 2022, said the company.
Company info: Click HERE to read the Q3 2022 financial report from Ace Hardware.
