Ace Hardware reports revenues up

 
Business Wire
Updated 2/14/2018 10:25 AM
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  • Ace Hardware reported its earnings.

      Ace Hardware reported its earnings. JOE LEWNARD | Staff Photographer, file photo

Ace Hardware Corp. based in Oak Brook today reported fourth quarter 2017 revenues of $1.32 billion, an increase of $84 million, or 6.8 percent, from the fourth quarter of 2016.

Net income was $14.2 million for the fourth quarter of 2017, a decrease of $7.3 million from the fourth quarter of 2016. This decrease included a charge of $4.1 million due to the new tax legislation enacted in 2017 as well as increased warehouse costs incurred as part of the warehouse network reconfiguration.

"New store growth, a 3.1 percent increase in same-store retail sales, along with revenues from our acquisition of The Grommet at the end of the last quarter, were the predominant drivers behind our strong 6.8 percent overall sales increase and record setting fourth quarter revenue," said President and CEO John Venhuizen.

"I'm also encouraged to report that 2017 marked the fifth-straight year of increased customer transactions at retail, the sixth-straight year of net new store count growth, the eighth-straight year of increased same-store-sales, and the eleventh-straight year receiving the J.D. Power award for highest customer satisfaction. None of this would be possible without the hard work and dedication of the Ace owners, their employees, and the employees of Ace Hardware Corporation."

The 3.1 percent increase in retail same-store-sales during the fourth quarter of 2017 reported by the approximately 3,000 Ace retailers who share daily retail sales data was the result of a 3.4 percent increase in average ticket.

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