Ace Has Record Quarter

Ace Hardware Corporation had record second quarter 2022 revenues of $2.5 billion, an increase of $66.1 million, or 2.7 per cent, from the second quarter of 2021. Net income was $124.8 million for the second quarter, an increase of $8.8 million from the same quarter in 2021. The approximately 3,600 Ace retailers who share daily retail sales data reported a 0.6 percent increase in U.S. retail same-store-sales during the second quarter. Estimated retail price inflation of 11.4 per cent helped drive an eight per cent increase in average ticket. Same-store transactions were down 6.9 per cent. Consolidated revenues for the quarter ended July 2 totaled $2.5 billion. Total wholesale revenues were $2.3 billion, an increase of $63.4 million, or 2.9 per cent, as compared to the prior year second quarter. Increases were seen across a majority of departments with outdoor power equipment, plumbing, paint, and outdoor living showing the largest gains.