Ace Hardware Has Strong First Quarter

Ace Hardware Corporation had revenues of $1.43 billion for the first quarter of 2020, an increase of 3.8 per cent compared to the first quarter of 2019. Net income was $36.2 million for the quarter, an increase of 60.2 per cent compared to net income of $22.6 million the year-ago period. U.S. same-store sales were up 4.2 per cent year-over-year, partially due to an increased average ticket. Online revenues were up 63 per cent year-over-year. Total wholesale revenues increased 1.5 per cent from last year, with increases noted across several departments, with power tools, cleaning supplies, and grilling showing the largest gains. Total retail revenues increased 41.4 per cent compared to the prior-year first quarter.