Ace Hardware’s profit increased by more than 100 per cent amid a double-digit growth in sales during the first quarter, marking a strong start to the fiscal year.

The company’s attributable net income soared 129 per cent to $70.3 million in the quarter ended April 4. 

Consolidated revenues rose 10.9 per cent to $2.5 billion during the period, with retail sales up 6 per cent and wholesale revenues up 11 per cent.

The approximately 4000 Ace retailers who share daily retail sales data reported a 4.9 per cent increase in same-store sales, driven by a 4.2 per cent increase in average ticket and a 0.7 per cent uplift in same-store transactions.  

The company added 35 new domestic stores and cancelled 19 stores during the first quarter, ending the period with 5266 US stores.

“Our record first-quarter results reflect a simple truth: When we serve our neighbors with excellence and urgency, growth follows,” said Ace CEO John Venhuizen.

Ace Hardware is the largest hardware cooperative in the world, serving more than 8900 locally owned and operated stores globally.

Ace Hardware’s family of brands includes Ace Hardware, Emery Jensen Distribution, and independent retailers worldwide. The company also operates a network of US distribution centers, along with international capabilities in Ningbo, China.  

Last year, Ace reported a 5.8 per cent increase in revenues.