Record second-quarter revenues of $2.5 Billion Ace HardwareReleased its financialsQ2 2022. The record-breaking revenues were an increase of 2.7% or $66.1 million on top of last year’s increase of 8.2%. The most significant gains were in outdoor power equipment and plumbing, as well outdoor living.
The quarter’s net income was $124.8 million, an increase of 7.6% over last year. Accrued patronage distributions to shareholders of $247.3million was a 20.8% increase on the first six months in 2021. Q3 wholesale gross profit was $287.3 million, an increase of 24.1 million over the previous quarter.
“Nominal growth continues to be solid,” says John Venhuizen, president & CEO. “The primary fuel has come from last year’s 182 new domestic stores, this year’s 88, and the aberrant and stubborn impact of inflation.”
According to the data shared by Ace retailers, there was a 0.6% increase in U.S. sales at same-stores during Q2 2022. Due to 11.4% inflation in retail prices, the average ticket saw 8.0% growth. The same-store transactions declined 6.9%.
Ace opened 38 new domestic stores in the second quarter of 2022, and closed 12 others. The Company’s total domestic store count was 4,816 at the end of the second quarter of 2022 which was an increase of 87 stores from the second quarter of 2021. Ace expanded 46 stores around the world in the second quarter of 2022, and canceled 12. This brought the total Ace stores worldwide to 5,660 at the end of 2022’s second quarter.
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