Divestment Boosts Ace Net Income

Ace Hardware Corporation had total revenues of $2.2 billion in the first quarter of 2022, an increase of 8.9 per cent over revenues in the first quarter of 2021. Retail revenues were down 3.7 per cent year-over-year and wholesale revenues were up 10.1 per cent. Overall net income for the quarter was $119.8 million, an increase of $14.4 million from $105.4 million in the first quarter of 2021. The increase in net income includes a $21.4 million gain on the sale of a Georgia retail support centre. Excluding this gain, net income for the quarter was $98.4 million, a decrease of $7 million from the first quarter of 2021. The company's International Holdings subsidiary had a $10.3 million decrease in wholesale revenue versus the first quarter of 2021, while Ace Wholesale Holdings had a $13.8 million increase in wholesale revenues.