Ace Hardware Corporation reported second quarter 2015 revenues of $1.4 billion, an increase of $86.2 million or 6.5 percent from the second quarter of 2014. Net income was $57.5 million for the second quarter of 2015, a decrease of $9.0 million from last year, but the second highest in company history.
“Ace’s record second quarter revenues for the second consecutive year were a direct result of the hard and effective work of our great people and world class retailers,” says John Venhuizen, president and CEO of Ace Hardware Corp. “While our net income declined from last year, we are still far ahead of our plan and believe the investments we are making are a significant driver of the impressive 4.6 percent increase in retail same-store-sales for the quarter.”
For the first half of 2015, retail same-store sales increased 6.5 percent, reported by the approximately 3,000 Ace retailers who share daily retail sales data.
Total wholesale revenues were $1.3 billion, an increase of $80.5 million, or 6.4 percent, as compared to the prior year quarter. Increases were noted across almost all departments with outdoor living, electrical and lawn and garden showing the largest increases. Excluding the nonrecurring revenues related to the rollout of the new Paint Studio equipment in 2014, wholesale revenues increased by $93.6 million, or 7.1 percent, in the second quarter of 2015 compared to the prior year.
Ace added 31 new domestic stores in the second quarter of 2015 and closed 27 stores. This brought the company’s total domestic store count to 4,256, an increase of 30 stores from the second quarter of 2014.
To read more on Ace Hardware’s second-quarter earnings, click here.