Ace Hardware reported total revenues of $1 billion for the third quarter, an increase of $84.4 million or 8.9 percent from the same period last year. Net income showed no gain in comparison to the same quarter last year, coming in at $34.4 million.
“Retail same-store sales in the U.S. were up 6.9 percent for the quarter and stand at 4.4 percent year to date. We continue to invest heavily in retail initiatives to help fuel growth for our local owners and that growth, in turn, is propelling the corporation,” says John Venhuizen, Ace president and chief executive officer.
The company also launched its Paint Studio Initiative in the third quarter and has pledged financial support to help co-op members upgrade their paint departments in preparation for its national launch this May. More than 3,000 Ace retailers will introduce the new Paint Studio concept, Venhuizen says.
“As part of our strategic alliance with The Valspar Corporation, this investment is a significant portion of our strategy to double paint market share for our Ace retailers,” Venhuizen says.
Ace added 36 new domestic stores and cancelled 21 domestic stores in the third quarter of 2013 for a net increase in store count of 15, bringing the company’s total domestic store count to 4,136 at the end of third quarter 2013.