Ace Hardware’s net income declines 29.2 per cent

(Source: Bigstock)

Ace Hardware‘s first-quarter net income plunged 29.2 per cent year over year to $46.9 million despite revenue increasing 2.5 per cent to $2.1 billion.

The company noted significant sales growth across outdoor power equipment, power tools, and lawn and garden categories.

The company ended the quarter with 5,065 domestic stores after adding 78 new stores and cancelling seven.

On a worldwide basis, Ace Hardware ended the quarter with 5945 stores after opening 82 stores and cancelling seven.

“Despite strong headwinds in California and Florida, our $51.6 million of sales growth was fueled primarily by our 78 new domestic Ace stores, acquisitions by our Ace Home Services business, a 0.4 percent increase in same-store sales, and a 9 percent increase in our digital business,” said John Venhuizen, Ace Hardware president and CEO.

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