Record revenues at Ace
Ace Hardware Corporation (Ace) reported record third quarter 2021 revenues of $2.0 billion, an increase of $28.1 million, or 1.4%, from the third quarter of 2020, with the largest gains in outdoor power equipment, electrical and power tools.
The Oak Brook, Ill.-based company reported it added 48 new domestic stores in the third quarter of 2021 and cancelled 18 stores for a net gain of 30 new stores.
Total wholesale revenues were $1.8 billion, an increase of $25.3 million, or 1.4 percent, as compared to the prior year third quarter. This increase, Ace noted, was the result of new stores added by the Westlake Ace Hardware (“Westlake”) and Great Lakes Ace Hardware, Inc. (“GLA”) chains since the third quarter of 2020.
The company reported net income was $99.3 million for the third quarter of 2021, an increase of $0.6 million from the third quarter of 2020.
“In light of last year’s extraordinary growth, and despite significant headwinds from global supply chain disruption, I’m pleased to see increases in both the top and bottom line for the quarter,” said John Venhuizen, president and CEO.
U.S. retail same-store-sales reported by the approximately 3,400 Ace retailers who share daily retail sales data rose 0.3% during the third quarter of 2021, the firm noted, and was the result of a 7.5% increase in average ticket, offset by a 6.7% decrease in same-store transactions.
“We added to 2020’s unprecedented surge in business, and our two-year stacked growth for the third quarter is up 32% in revenue and 64% in net income from 2019,” Venhuizen added. “The Ace team continues to serve and support in a difficult environment.”
The company’s total domestic store count sits at 4,759 at the end of the third quarter of 2021 which was an increase of 174 stores from the third quarter of 2020. With the store additions, the Ace Hardware worldwide store count is at 5,581 at the end of the third quarter of 2021.
To read the full Ace Hardware report go Here.