After posting a record-breaking first quarter, Ace Hardware continues to shatter revenue numbers in the second quarter of 2021. Ace revenues for the second quarter were $2.5 billion, up 8.2 percent from last year and an increase from the $2 billion in revenues the company recorded in the first quarter. Outdoor power equipment, grilling, basic electrical and hand tools showed the largest gains in revenues for Ace.
“Our second quarter vastly exceeded our expectations. Not only did we positively comp 2020’s unprecedented surge in business, our two-year stacked growth for the quarter is up 46 percent in revenue and 116 percent in net income from 2019,” says John Venhuizen, president and CEO. “My sincere thanks to the entire Ace team for their servant hearts and exceptional performance.”
Net income in this quarter was $116 million, down 16.5 percent from last year due to write-downs of an excess of personal protective equipment, higher warehouse labor costs and a nonrecurring $6.9 million income tax benefit recorded in 2020 due to changes in tax laws.
U.S. retail same-store sales rose 1.2 percent, average transaction size was up 7.1 percent and revenue from acehardware.com was up 13.9 percent. Ace added 55 new domestic stores in the second quarter of 2021, bringing the company’s total domestic store count to 4,729. Internationally, Ace added 61 stores for a total of 5,550 worldwide.