Ace Hardware Corp. reported higher earnings and record sales in the third quarter, providing evidence that the home repair and remodeling sector is going strong.
Revenues, the cooperative asserted, reached a third-quarter record at $2.23 billion, versus $2.03 billion in the 2021 period. Wholesale revenue was $2.04 billion and retail revenue was $193.4 million for the 2022 quarter versus $1.84 billion and $189.1 million, respectively, in the year-previous period. Operating income was $107.4 million versus $103 million in the quarter a year before.
For the 3,600 Ace retailers who share daily sales data with headquarters, comparable sales advanced 5.8% in the United States versus the year-past quarter, the company noted. In total, Ace operates about 5,600 locally owned and operated hardware stores in 65 countries.
In announcing the financial results, John Venhuizen, Ace president and CEO, said, “Revenue and income were up 10% and 1.3%, respectively for the quarter. They now stand 44% and 66% higher than just three years ago. Despite, and in some cases because of rampant inflation, the Ace team continues to deliver superior financial results and exceptional customer service to and for our neighbors.”
