May 26, 2023
Mild winter contributes to Ace Hardware revenue drop
Ace Hardware Corporation had first quarter 2023 revenues of $2.1 billion, a decrease of 5.8% compared to revenues of $2.2 billion in the first quarter of 2022. The revenue decline was primarily the result of the mild winter across most of the U.S., combined with the late arrival of spring-like weather, which led to declines in the sale of winter and spring goods. Net income was $66.2 million for the quarter, down $53.6 million from the year-ago period. Total wholesale revenues were $1.9 billion, a decrease of 5.8% compared to the prior year first quarter. Decreases were seen across many departments with outdoor power equipment, outdoor living, and lawn and garden showing the largest losses.
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