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International DIY News

Record Q2 sales for Ace Hardware

Ace CEO John Venhuizen

Ace Hardware reported its 2015 second quarter earnings on Wednesday, led by company-record Q2 sales of $1.4 billion.

While that figure was a 6.5 percent year-over-year gain, profit of $57.5 million decreased 13.5 percent despite it being the second-highest in Ace history.

"Ace’s record second quarter revenues for the second consecutive year were a direct result of the hard and effective work of our great people and world class retailers," said John Venhuizen, President and CEO, Ace Hardware Corp. "While our net income declined from last year, we are still far ahead of our plan and believe the investments we are making are a significant driver of the impressive 4.6 percent increase in retail same-store-sales for the quarter.”

For the first six months of 2015, retail same-store-sales for approximately 3,000 Ace stores increased 6.5 percent from 2014.

Ace's Q2 sales gains were noted across almost all departments with outdoor living, electrical and lawn and garden showing the largest increases.

Ace added 31 new domestic stores in the second quarter of 2015 and cancelled 27. Those moves brought the company's total domestic store count to 4,256 at the end of Q2, a 30 store increase over last year.

Source : Mike Hockett - Industrial Distribution

20 August 2015

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