Ace Hardware Reports 39.2 Pct Jump In Revenues

Ace Hardware Corporation reported on Tuesday (Feb. 16) as part of its financial results that revenues jumped 39.2 percent from Q4 2019 to Q4 2020, according to an announcement.

“The fourth quarter was yet again one of the most extraordinary in Ace’s history,” President and CEO John Venhuizen said in the announcement. “Ace employees in our stores and our warehouses withstood the massive surge in demand as consumers channeled a disproportionate share of their discretionary spending into their homes and gardens.”

Ace Hardware reported that acehardware.com revenues were up 214 percent in during the quarter and 272 percent for the year. The company also reported that U.S. same-store sales were up 28.7 percent during the quarter, while they were up 25.9 percent for the year.

The rise in retail same-store sales in the quarter reported by roughly 3,300 Ace retailers who provide daily retail sales day was driven by a 16.4 percent rise in average ticket and a 10.5 percent rise in same-store transactions.

In addition, the increase in retail same-store sales for the complete year was driven by a 14.7 percent rise in average ticket and a 9.8 percent rise in same-store transactions.

As for its overall results, Ace Hardware reported $43.1 million in net income on $2.1 billion in revenue.

Ace said it added 167 new domestic stores in fiscal 2020, while it canceled 76 stores. The company had an overall domestic store count of 4,647 at the conclusion of fiscal 2020, marking an increase of 91 stores from the conclusion of fiscal 2019. It added 201 stores globally in fiscal 2020, while it canceled 104 for a global store count of 5,463 at the conclusion of fiscal 2020.

The news comes as The Home Depot drove the pandemic-driven home improvement wave to a large rise in its in-store comp sales for Q3.

“The third quarter was another exceptional quarter for The Home Depot as we saw the continuation of outsized demand for home improvement projects,” Chairman and CEO Craig Menear said in a November earnings announcement.