Ace Hardware Corp. reported record highs for revenue and net income in the third quarter of 2019.
The co-op’s revenues for the quarter hit $1.5 billion, an increase of 7.2 percent from the third quarter of 2018. Net income was $60.5 million for the third quarter of 2019, for a year-over-year increase of 66.7 percent for the period.
Wholesale revenues were $1.4 billion, growing 4.7 percent from third-quarter 2018. Revenue from acehardware.com grew 81 percent, according to the co-op.
Retailers saw an increase of 3.4 percent in retail same-store sales for the quarter, the company reports.
“My thanks to our local owners for their continued momentum and growth. A 3.4 percent same-store sales increase, 48 new stores and an 81 percent increase in revenue from acehardware.com drove our 7.2 percent increase in revenues,” says John Venhuizen, president and CEO. “In addition to record revenues and profits, we are also proud that our stores continued growth has moved Ace into fifth place on the Franchise Times top 200 behind companies like McDonald’s, KFC and Burger King. Ace is the only non-food brand in the top five.”
Ace Hardware is a retailer-owned cooperative that is headquartered in Oak Brook, Illinois. It serves more than 5,300 locally owned and operated hardware stores in approximately 70 countries.