Ace Hardware has reported record sales and profits for Q1 2014. Total revenues for the quarter topped off at $1.1 billion, a year-over-year (YOY) increase of 16.8% over Q1 2013. The hardware retailer also reported a Q1 net income of $24.4 million, a YOY improvement of 454.5%. The retailer’s Q1 financial results are the highest in its 90-year history.
The 3,100 Ace retail stores that submitted data from their POS systems experienced an average same-store-sales increase of 5.2%.
During Q1 2014, Ace acquired hardware distributor Emery-Waterhouse. The move is expected to help the retailer leverage wholesale purchasing power and advance its strategic plans in the wholesale distribution industry. The retailer also has aggressive plans to increase sales and profits during the remainder of 2014 by focusing on its long-term growth strategy called 20/20 Vision.
Advertisement
“I’m so proud and appreciative of the entire Ace team for using last year’s record performance as a springboard to even greater success,” said John Venhuizen, President and CEO of Ace. “While the frigid winter certainly helped our Q1 business, I’m pleased to see our winter categories were less than 20% of our overall growth as all core hardline departments were up sharply and contributed significantly to our increase.”
