OAK BROOK, IL -- Ace Hardware Corporation, the largest retailer-owned cooperative in the hardware industry, reported net income of $95.7 million for the fiscal year ended January 2, 2010, an increase of $9.9 million or 11.5 percent, compared to $85.8 million for 2008.
For the fourth quarter of 2009, net income was $12.4 million, a decrease of $2.8 million from 2008.
"While we are disappointed with our revenues for 2009, our overall performance was solid in what was a very challenging year," said Ray Griffith, Ace president and chief executive officer. "We reduced operating expenses for a third consecutive year and strategically invested in our business to support the best hardware retailers in the industry."
On a regional basis, domestic sales were most negatively impacted in California and Arizona, markets which have experienced some of the most severe declines in the overall U.S. housing market. On a category basis, domestic sales were most negatively impacted by declines in the electrical and tools categories. Ace did report an increase in the lawn and garden category, however.