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International DIY News

Record yearly revenue reported by Ace Hardware

Ace Hardware CEO John Venhuizen

Ace Hardware said today it generated record revenue and income for the full year 2014, fueled by same store sales growth and the addition of 201 new domestic outlets.

For the year, Oak Brook, Illinois-based Ace posted revenues of $4.7 billion, an increase over the previous year of $546.3 million of 13.2 percent. Fiscal 2014 consisted of 53 weeks, compared to 52 the previous year. Net income in 2014 was $140.9 million, an increase of $36.4 million or 34.8 percent from 2013.

Fourth quarter 2014 results showed total revenue of $1.16 billion, an increased of $139.2 million or 13.6 percent year over year. Net income, however, for the fourth quarter of 2014 was $12.7 million, a decrease of $10.7 year over year. The drop in fourth quarter income was attributed in part to additional markdowns needed to clear closeout inventory.

Several factors contributed to Ace's strong financial results for the year, including significant investments in the retail cooperative's stores. Those included the Paint Studio, a dedicated space in Ace outlets for paint-related purchases. FCB Chicago handled an ad campaign to introduce Ace's Paint Store in the spring of 2014.

Ace also late in 2014 acquired Spokane, Washington-based Jensen Distribution Services, a 131-year-old hardware and distributor — a move aimed at boosting the hardware cooperative's wholesale purchasing ability.

And for the eighth year in a row, Ace in 2014 ranked highest in the home improvement retail store category in the respected J.D. Power survey.

With more than 4,800 stores, Ace is the largest retailer-owned hardware cooperative in the world. The cooperative celebrated its 90th anniversary last year.

Source : Lewis Lazare - Chicago Business Journal

25 February 2015

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