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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.
Revenue has been trending upward in 2017, with positive results in the first quarter and in the second quarter.
Ace Hardware is a retailer-owned cooperative that is headquartered in Oak Brook, Illinois. More than 5,000 Ace Hardware stores operate independently worldwide.
