Ace Hardware Corp. has reported its fourth-quarter and fiscal year 2020 financial results, confirming a record-breaking year for the home improvement retailer.
For the fourth quarter, Ace reported revenues of $2.1 billion, a 39 percent increase from the same period in 2019. In the third quarter, Ace reported revenue of $2 billion. In total, Ace’s net income stood at $43.1 million, up roughly 4 percent from the same period last year. Both figures represent records for the company.
For the 2020 fiscal year, Ace reported $7.8 billion in revenue, an increase of $1.7 billion, or roughly 28 percent, from fiscal year 2019. Net income across fiscal year 2020 stood at $316.9 million, an increase of $177 million, from fiscal year 2019.
“The fourth quarter was yet again one of the most extraordinary in Ace’s history,” says John Venhuizen, President and CEO. “We’ve always believed that we were blessed to be in the business of serving others. And now, after a year like 2020, we feel blessed to be an essential retailer with strong suppliers, an expansive supply chain and amazing people. Ace employees in our stores and our warehouses withstood the massive surge in demand as consumers channeled a disproportionate share of their discretionary spending into their homes and gardens.”
Additionally, Ace reports same-store sales in the U.S. were up 29 percent for the fourth quarter and rose roughly 26 percent for the year.
E-commerce revenue for Ace rose 214 percent during the fourth quarter of 2020 and were up nearly 26 percent from fiscal year 2019.
Ace Hardware currently operates 5,463 stores worldwide and opened 201 stores in 2020. In addition, the company raised more than $18 million for its charitable partners and programs.