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11/15/2022

Ace Hardware Has Another Strong Quarter in Q3 2022

The hardware retailer continues to grow its revenue and income partially through its private label products.
Zachary Russell
Associate Editor
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Ace Hardware

Ace Hardware has followed up a strong second quarter with another period of positive numbers.

For the third quarter of 2022, the Oak Brook, Ill.-based hardware retailer, which offers private label products, posted revenues of $2.2 billion, an increase of 10.0% from the same period last year. Third quarter net income was $100.6 million, an increase of 1.3% from 2021. 

"My sincere thanks to the entire Ace team for their determined and relentless pursuit of our three strategic imperatives – service, convenience, and quality – which delivered yet another quarter of record sales and profit," said John Venhuizen, president & CEO of Ace. "Revenue and income were up 10% and 1.3%, respectively for the quarter. They now stand 44% and 66% higher than just three years ago.  Despite, and in some cases because of rampant inflation, the Ace team continues to deliver superior financial results and exceptional customer service to and for our neighbors." 

In the quarter ended Oct. 1, total retail revenues for the quarter were $193.4 million, an increase of $4.3 million since last year. Wholesale gross profit was $272.5 million, an increase of $34.4 million since Q3 2021.

Ace continued to grow its store count in the quarter in addition to growing its profits. Ace added 35 new domestic stores in the third quarter of 2022, and closed 10 stores.