At a time when home improvement companies are facing consumers who are budgeting closely and making fewer discretionary purchases, Ace Hardware reported lower second-quarter earnings and declining comparable sales. In the quarter, the company’s net income was $114.8 million versus $126.9 million in the year-previous period.
The 3,800 Ace retailers in the United States who share daily retail sales data reported a 1.7% decrease in comparable sales during the quarter, the company reported. This was due to a 2.6% decline in comp transactions, partially offset by a 0.9% increase in average ticket.
Revenues were $2.71 billion versus $2.63 billion in the year-prior period, according to Ace. Operating income was $118.6 million versus $141 million in the period a year earlier.
In announcing the financial results, John Venhuizen, Ace president and CEO said. “I’m pleased to report record second-quarter revenue, a 16% increase in our digital business, and 110 new stores year-to-date. During the quarter, we added our 5,000th store and are on track to add 200 new stores in 2024.”
