Ace Hardware reports record third quarter revenue

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Dany Son

Ace added 48 new store and closed 22 stores in the third quarter of 2014

Lewis Lazare

Reporter- Chicago Business Journal

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Ace Hardware Wednesday announced record revenues of $1.13 billion for the third quarter of 2014, a year-over-year increase of $94.6 million (9.1 percent).

The Oak Brook, Illinois-based retailer-owned hardware cooperative also reported net income of $37.3 million for the third quarter of 2014, an increase of $2.9 million or 8.4 percent year over year.

The approximately 3,000 Ace retailers who share daily retail point of sale data had a strong third quarter, the company said. Increased customer counts and average transaction size contributed to a 3.7 percent same-store sales increase year over year. For the first nine months of 2014, same-store sales were up 4.1 percent year over year.

Ace added 48 new store and closed 22 stores in the third quarter of 2014, for a net increase in store count of 26. This brought the company's total global store count to 4,903 at the end of the third quarter of 2014, an increase of 138 stores from the third quarter of 2013.

Read more here from the Chicago Business Journal.