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Ace Hardware Corp. has announced its 2019 financial results, highlighting a year of record revenue for the company.
In total, Ace reports 2019 revenue of $6.1 billion, up 7 percent from 2018’s total revenue. The figure marks Ace’s highest revenue in history.
Net income for the wholesaler amounted to $140.4 million in 2019, up 9.5 percent over 2018.
“We were fortunate to have a wonderful year at Ace Hardware in 2019,” says John Venhuizen, president and CEO of Ace Hardware. “We had record revenue. We had record dividends to our shareholders and we had record contributions to charities that make our hearts race.”
Additionally, Venhuizen shed light on the performance of Westlake Ace and Great Lakes Ace. Westlake Ace’s revenues rose by 12.8 percent, and Great Lakes Ace saw revenue climb by 19.7 percent. Same-store sales rose 2.8 percent and 1.1 percent respectively.
“Westlake’s income does not look as impressive on the financials—but it is entirely the result of $8.3 million in one-time startup charges from new stores. Most of these new stores were the 11 former Orchard Supply locations in California; all of which are now up and running and performing very strongly,” he says.
Total revenue for Ace International was down 2.5 percent. Emery Jensen Distribution saw a loss of $27 million.
Venhuizen also highlighted the addition of 2.1 million square feet of new Ace retail space in 2019, as well as a 3.2 percent rise in business-to-business sales growth.
Ace now counts more than 50 million Ace Rewards members. Revenue at the company’s website grew by 59 percent in 2019.
The company opened 208 new stores worldwide in 2019 and now counts more than 5,300 stores globally.
For more information on Ace’s 2019 performance, including letters from chairman Brett Stephenson, browse Ace’s 2019 financial report online.
