After confirming record-breaking fiscal year 2020 financial results, Ace Hardware is continuing to reach new heights by posting record first-quarter revenues in 2021.
Total revenue for the company hit $2 billion, a 42 percent increase from the first quarter of 2020. Net income for the independent company stood at $105.4 million, a significant increase from $69.2 million in the same period one year ago.
“Same-store sales growth of 29.9 percent, 51 new stores, a 220 percent increase in our digital business and increased retail inventory depth drove the best first quarter in Ace’s history,” says John Venhuizen, president and CEO. “Elevated demand, limited supply and a ridiculously disrupted global supply chain continue to create a difficult environment operationally. My sincere thanks to the Ace team and our local retailers for their rigor to protect their people and passion to safely serve their community.”
Same-store sales grew 29.9 percent and average transaction size climbed by 15.7 percent, the company confirms. Notably, e-commerce revenue grew 219.6 percent compared to the first quarter of 2020.
As of the end of the first quarter, the company operates 5,498 stores worldwide. In this quarter, Ace opened 51 new locations. In March, Ace welcomed retailers to its virtual spring show.