Expanded Store Count Leads to Strong Q2 for Ace Hardware

Amid an expansion of its store count and supply chain, Ace Hardware has reported a steady Q2, highlighted by record second quarter revenue.

The retailer reported record second quarter revenues of $2.5 billion, an increase of 2.7% on top of 2021's increase of 8.2% from 2020. Second quarter net income of $124.8 million, an increase of 7.6 percent from last year. Total retail revenues for the quarter were $258.0 million, an increase of $2.7 million from Q2 2021.

Wholesale gross profit for the three months ended July 2, 2022 was $287.3 million, an increase of $24.1 million from the second quarter of 2021. Retail gross profit for the quarter was $114.5 million, an increase of $0.8 million from Q2 2021.

"Nominal growth continues to be solid," said John Venhuizen, President & CEO of Ace Hardware. "The primary fuel has come from last year's 182 new domestic stores, this year's 88, and the aberrant and stubborn impact of inflation."

Ace added 38 new U.S. stores in the second quarter of 2022 and closed 12 U.S. stores. The company's total domestic store count was 4,816 at the end of Q2, which was an increase of 87 stores from the second quarter of 2021.

Oak Brook, Ill.-based Ace Hardware operates over 5,600 locally owned and operated hardware stores in approximately 65 countries.