Ace Hardware Corp. reported growth in revenue and net income for the third quarter of 2017.
The cooperative released its financial results Nov. 16, calling revenues of $1.34 billion a record for the company. Revenue for the quarter grew 9.1 percent above the same period in 2016.
Net income also increased year over year, totaling $53.8 million and reflecting growth of 7.2 percent.
“A retail same-store sales increase of 7.1 percent was the predominant fuel behind our strong 9.1 percent overall sales increase and record-setting third quarter revenue,” president and CEO John Venhuizen says.
Same-store sales grew due to larger average transaction sizes and increases in total transactions, according to Ace.
Ace Hardware is a retailer-owned cooperative that is headquartered in Oak Brook, Illinois. More than 5,000 Ace Hardware stores operate independently worldwide.