Ace sales rise in Q2

Ace Hardware Corp., based in Oak Brook, Illinois, reported second quarter revenue of $2.63 billion, an increase of 3.9% from the second quarter of last year which saw $2.53 billion.

Ace reported net income was $126.7 million for the second quarter of 2023, an increase of $1.9 million from the second quarter of 2022.

The company said increases were seen across a majority of departments with lawn and garden, paint, and grilling showing the largest gains.

Ace reported an increase in wholesale merchandise revenues from new domestic stores of $58.4 million during the second quarter of 2023, while wholesale merchandise revenues decreased $9.8 million during the second quarter due to domestic stores whose memberships were canceled.

The approximately 3,600 Ace retailers who share daily retail sales data reported a 0.4% increase in U.S. retail same-store-sales during the second quarter of 2023, which was the result of a 1.1% increase in same-store transactions; partially offset by a 0.8% decrease in average ticket.  

The Bottom Line: Ace Hardware sales for the second quarter rose almost 4% to just over $2.6 billion.

What the CEO said: “A 45% increase in visits to Acehardware.com drove an 18% increase in our digital business, a 3% increase in store visits, and an encouraging 1.1% increase in same-store transactions during the quarter,” said John Venhuizen, president and CEO.

Ace added 36 new domestic stores in the second quarter of 2023 and canceled 13 stores. The company’s total domestic store count was 4,924 at the end of the second quarter of 2023 which was an increase of 108 stores from the second quarter of 2022.

On a worldwide basis, Ace added 46 stores in the second quarter of 2023 and canceled 14, bringing the worldwide store count to 5,811 at the end of the second quarter of 2023.

Company info: Click HERE to read the Q2 2023 full financial report from Ace Hardware.