With record second-quarter revenues of $2.5 billion, Ace Hardware released its financials for Q2 2022. The record-breaking revenues were an increase of 2.7% or $66.1 million on top of last year’s increase of 8.2%. Increases were seen across a majority of departments with outdoor power equipment, plumbing, paint and outdoor living showing the largest gains.
Net income for the quarter hit $124.8 million, up 7.6% from last year. Accrued patronage dividend to shareholders of $247.3 million, an increase of 20.8% from the first six months of 2021. Wholesale gross profit for Q3 was $287.3 million, an increase of $24.1 million from the second quarter of 2021.
“Nominal growth continues to be solid,” says John Venhuizen, president & CEO. “The primary fuel has come from last year’s 182 new domestic stores, this year’s 88, and the aberrant and stubborn impact of inflation.”
The approximately 3,600 Ace retailers who share daily retail sales data reported a 0.6% increase in U.S. retail same-store sales during the second quarter of 2022. Estimated retail price inflation of 11.4% helped drive an 8.0% increase in average ticket. Same-store transactions were down 6.9%.
Ace added 38 new domestic stores in the second quarter of 2022 and canceled 12 stores. The Company’s total domestic store count was 4,816 at the end of the second quarter of 2022 which was an increase of 87 stores from the second quarter of 2021. On a worldwide basis, Ace added 46 stores in the second quarter of 2022 and canceled 12, bringing the worldwide store count to 5,660 at the end of the second quarter of 2022.
Learn more about the Ace Hardware Fall 2022 Convention that just took place in Chicago here.