Ace Has ‘Record’ 3Q

Ace Hardware Corporation reported 2021 third-quarter net income of $99.3 million, an increase of 0.6% over the same period a year ago.
Ace Hardware 3Q Record earnings

Oak Brook, Illinois-based Ace Hardware Corporation reported “record” third-quarter revenues of $2 billion, an increase of $28.1 million, or 1.4%, from the third quarter of 2020.

Ace’s net income for 2021 3Q was $99.3 million, an increase of about $600,000 over the third quarter of 2020.

U.S. retail same-store-sales reported by the approximately 3,400 Ace retailers who share daily retail sales data rose 0.3%, the result of a 7.5% increase in average ticket, offset by a 6.7% decrease in same-store transactions.

“In light of last year’s extraordinary growth, and despite significant headwinds from global supply chain disruption, I’m pleased to see increases in both the top and bottom line for the quarter,” said John Venhuizen, Ace president and CEO. “We added to 2020’s unprecedented surge in business, and our two-year stacked growth for the third quarter is up 32 percent in revenue and 64 percent in net income from 2019. The Ace team continues to serve and support in a difficult environment.”

Total retail revenues for the quarter were $189.1 million, an increase of $2.8 million, or 1.5%, as compared to the prior year third quarter.

Ace added 48 new U.S. stores in the third quarter of 2021 and closed 18 stores. The company’s total domestic store count was 4,759 at the end of the third quarter of 2021, which was an increase of 174 stores from the third quarter of 2020.

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