U.S. – Ace Hardware Corporation, the largest retailer-owned hardware cooperative in the world, reported record second quarter 2018 revenues of USD 1.59 billion, an increase of USD 95.5 million, or 6.4 percent, from the second quarter of 2017.
Net income was USD 54.8 million for the second quarter of 2018, an increase of 7.2 percent from the second quarter of 2017.
“We continued to see revenue growth across all of our business units in the second quarter, with the strongest results coming from our local owners in the domestic business which increased almost 6.0 percent,” said John Venhuizen, President and CEO. “And I’m delighted with our 7.2 percent net income growth despite the expense pressures from our material investments in both our wholesale infrastructure and our digital expansion. We successfully shipped our first order from our new 1.1 million square foot Fredericksburg retail support center on June 4th and launched our new hyper-localized Acehardware.com website on July 30th, which was up 34 percent in the second quarter.”
On a worldwide basis, Ace added 59 stores in the second quarter of 2018 and cancelled 35, bringing the worldwide store count to 5,161 at the end of the second quarter of 2018.
During the period Ace Hardware was recognized by Market Force Information, a worldwide leader in customer experience management, as “America’s favorite home improvement store” for the second year in a row in the home improvement category of its annual survey.
Ace Hardware is the largest hardware cooperative in the world with more than 5,000 locally owned and operated hardware stores in 65 countries. Headquartered in Oak Brook, Ill., Ace and its subsidiaries operate an expansive network of distribution centers in the U.S. and have distribution capabilities in Ningbo, China; Colon, Panama; and Dubai, United Arab Emirates.
