U.S. – Ace Hardware Corporation, the largest retailer-owned hardware cooperative in the world, reported second quarter 2016 revenues of USD 1.4 billion, an increase of USD 8.7 million or 0.6 percent from the second quarter of 2015. 

Net income was USD 63.4 million for the second quarter of 2016, an increase of USD 3.5 million from the second quarter of 2015 and the second highest in Company history. “New store growth was the primary driver of our record revenue,” said John Venhuizen, President and CEO. “While records are nice, we are not satisfied with the growth as the enterprise and our retailers are working far too hard to settle for modest increases. Given their collective and effective execution year-to-date, I remain optimistic about accelerating both our growth and earnings going forward.” For the first six months of 2016, the 2.4 percent increase in retail same-store-sales reported by the approximately 3,000 Ace retailers primarily the result of a 2.2 percent increase in average transaction size.

Ace added 42 new domestic stores in the second quarter of 2016 and cancelled 29 stores. This brought the Company’s total domestic store count to 4,315 at the end of the second quarter of 2016, an increase of 59 stores from the second quarter of 2015.

With more than 4,900 hardware stores locally owned and operated across the globe, Ace is the largest retailer-owned hardware cooperative in the world. Headquartered in Oak Brook, Ill., Ace and its subsidiaries currently operate 17 distribution centers in the U.S. and also have distribution capabilities in Shanghai, China; Panama City, Panama; and Dubai, United Arab Emirates. Its retailers’ stores are located in all 50 states, the District of Columbia and approximately 60 countries.