Oak Brook, Ill. – Net income at Ace Hardware Corp. rose 57% to $66.5 million, from $24.2 million. Revenues climbed 13% to $1.33 billion, from $1.17 billion.
The opening of 44 new stores and improved cash discounts and vendor income fueled the strong net income growth. In addition, sales increases were noted in virtually every department with the paint, electrical, and lawn and garden categories showing the largest increases. Ace has remodeled and re-equipped over 3,300 stores as part of the new Paint Studio initiative, which contributed meaningfully to second quarter wholesale revenues and record retail sales in May.