Ace hits billion-dollar-mark in Q2

Oak Brook, Ill.-based Ace Hardware Corp. reported total revenues of $1.071 billion for the second quarter of 2012, up 4.8% from 2011.

Merchandise sales to comparable domestic stores increased 4.3%, in the second quarter of 2012 compared with the prior year. Net income, however, declined to $14.9 million, compared with $34.6 million earned in 2011.

“We were pleased with the second-quarter results," said Ray Griffith, Ace president and CEO. “Despite the early spring weather that pushed sales into the first quarter of this year, we were able to deliver strong sales growth in the second quarter. In addition, we successfully completed the refinancing of our debt and expect interest savings over the next several years that will far exceed the loss we incurred on the early extinguishment of debt.”

For the six-month period ended June 30, total revenues were $1.979 billion, an increase of 5.5% from 2011.

Ace added 36 new domestic stores and canceled 35 domestic stores in the second quarter and ended the quarter with a total domestic store count of 4,078.