Double-digit sales growth for Ace in Q3
Oak Brook, Ill.-based Ace Hardware Corp. reported total revenues of $912.0 million for the third quarter of 2011, an increase of 10.6% from 2010.
“Our third-quarter results reflect revenues and net income that were higher than both last year and our plan,” said Ray Griffith, Ace president and CEO. “We are pleased with the results from our strategic initiatives, such as Craftsman and Clark+Kensington paint and primer, during the current year. These strategic initiatives provide a solid platform for future long-term growth.”
For the nine-month period ended Oct. 1, total revenues were $2.787 billion, an increase of 4.3% from 2010.
Net income was $17.0 million for the third quarter of 2011, up 22.9%. For the nine-month period, net income was up 7.2% to $58.5 million.
Merchandise sales to comparable domestic stores increased 8.9% in the third quarter of 2011 compared with the prior year. During the third quarter, the company had an increase in sales from new domestic stores of $18.0 million. This increase was partially offset by a decrease in sales due to domestic cancellations of $11.0 million.
Ace added 35 new st