Ace Hardware Corp. recorded record revenue and earnings in its fourth quarter as comparable sales advanced and the coop added new stores to its network during the period.
Company net income was $53.8 million versus $2.1 million in the year-before quarter.
Ace total revenue came in at $2.29 billion with wholesale revenue at $2.08 billion and retail revenue at $202.4 million at versus $2.12 billion, $1.94 billion and $182.6 million, respectively, in the year-earlier quarter, the company stated. Operating income was $38.6 million versus $7 million in the year-prior period.
The approximately 3,700 Ace retailers who share daily retail sales data with the company reported a 1.6% fourth-quarter comparable sales advance in the United States. The company cited a 1.9% increase in average ticket at stores partially offset by a 0.3% decrease in comp transactions.
For the full fiscal year, Ace net income was $315 million versus $326.1 million in the year before.
Ace total revenue was $9.49 billion versus $9.13 billion in the year earlier, the company maintained. Operating income was $317.3 million versus $361.1 million in the year prior.
“Strong comparable store sales during the fourth quarter from our hardware format stores, accelerated new store growth and our continued digital advance fueled a very encouraging 7.6% increase in revenue for the quarter,” said John Venhuizen, Ace president and CEO. “With record revenue, record shareholder dividends, record contributions to the Ace Foundation, and nearly a 39% pre-tax return on shareholder equity, the Ace team is to be commended for the discipline, productivity, and stewardship with which they managed our resources and opportunities.”
