Ace Hardware Corporation, the largest retailer-owned hardware cooperative in the industry, reported the Company's best first quarter for both revenues and net income in its 90 year history. Total revenues were $1.1 billion for the first quarter of 2014, an increase of $155.5 million or 16.8 percent, from the first quarter of 2013. Net income was $24.4 million for the first quarter of 2014, an increase of $20.0 million or 454.5 percent from the first quarter of 2013.
"I'm so proud and appreciative of the entire Ace team for using last year's record performance as a springboard to even greater success," said John Venhuizen, Ace president and chief executive officer. "While the frigid winter certainly helped our Q1 business, I'm pleased to see our winter categories were less than 20 percent of our overall growth as all core hardline departments were up sharply and contributed significantly to our increase."
Ace continues aggressive plans in 2014 to help retailers increase sales and profits through 20/20 Vision, the Company's long-term retail growth strategy. In addition to this, Ace's first quarter acquisition of Emery-Waterhouse serves as a catalyst to leverage wholesale purchasing power and advance the Company's strategic plans to be a leader in the wholesale distribution industry. The 3,100 Ace retailers who transmit daily retail POS data enjoyed a strong start to the year with increased customer count and average transaction which contributed to a 5.2 percent same-store-sale increase.
"Serving well is the passion of this Company," said Venhuizen. "And there is no one who does that more effectively than the local Ace owner; many of whom spent a good portion of Q1 serving their neighbors during record snow and cold."
"As I reflect on the Company's history, I believe our five founders would be extremely proud of the service, convenience and quality our retailers have provided their neighbors over the past 90 years," continued Venhuizen. "This quarter's results show me that the model of localized, high touch service is alive and well at Ace and continues to deliver relevance to the consumer and economic benefits to the Ace owner."
About Ace Hardware
For 90 years, Ace Hardware has been known as the place with the helpful hardware folks in thousands of neighborhoods across America, providing customers with a more personal kind of helpful. With over 4,875 hardware stores locally owned and operated across the globe, Ace is the largest hardware cooperative in the industry. Headquartered in Oak Brook, Ill., Ace and its subsidiaries currently operate 14 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. For more information on Ace, visit www.acehardware.com.