With revenues of $2.2 billion, Ace Hardware recorded another record-breaking quarter in Q1 2022. Revenues in the first quarter of 2022 were up 8.9 percent, on top of last year’s increase of 42 percent. The company also posted a record first-quarter net income of $119.8 million, an increase of 13.7 percent on top of last year’s increase of 191.2 percent or $14.4 million.
“Our first quarter increases in revenue and income brings our two-year stacked growth to nearly 51 percent and 205 percent, respectively,” says John Venhuizen, president & CEO. “Revenue growth from the 54 new stores we added in the first quarter was real and incremental. The remainder of the first quarter revenue growth, however, was not as it was, the result of ongoing inflation.”
Ace Hardware added 50 new domestic stores in Q1 2022 and canceled 11 stores, bringing the domestic store count to 4,790. Wholesale gross profit was $262 million, up $18.4 million over 2021. The wholesale gross margin percentage was 12.7 percent of wholesale revenues in the first quarter of 2022, down from 13.0 percent in the first quarter of 2021.
See how the Q1 2022 numbers for Ace Hardware compare to the fourth quarter of 2021 here.