Ace Hardware Reports Record Q1 Sales, Profit

The earnings report was a second straight year of record first quarter revenues and profit for the hardware retailer, which increased its total store count by 32 since Q1 2014.

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Ace Hardware recently reported its 2015 first quarter financials, which included a company-record revenue of $1.2 billion, a 10.0 percent year-over-year increase.

Profit for the quarter was a record $29.9 million, a 22.5 percent increase over Q1 2014.

"I want to thank the entire Ace enterprise for delivering record first quarter revenues and net income for the second consecutive year," said John Venhuizen, President and CEO of Ace Hardware. "Our strategic acquisitions, new stores and an impressive 9.2 percent increase in retail same-store-sales fueled the double digit growth."

The approximately 3,000 Ace retailers who share daily retail sales reported a 9.2 increase in retail. That figure consisted of a 5.3 percent increase in customer count and a 4.2 percent increase in average transaction size.

The company said revenue increases were noted across all departments, with paint, lawn and garden, auto and outdoor living, tools and electrical showing the largest increases. 

Ace added 33 new domestic stores in the first quarter of 2015 and cancelled 32 stores. This brought the company’s total domestic store count to 4,252 at the end of the first quarter of 2015, an increase of 32 stores from the first quarter of 2014.

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