Ace earnings hit by tax changes

OAK BROOK, Ill. ― Ace Hardware Corp. has reported fourth-quarter 2017 revenues of $1.32 billion, an increase of 6.8%, from the fourth quarter of 2016. However, net income for the quarter dipped to $14.2 million, a decrease of $7.3 million from the previous year. This decline included a charge of $4.1 million due to new tax legislation in the U.S., as well as increased warehouse costs due to reconfiguration. Net income for fiscal 2017 was $147.4 million, a decrease of $13.8 million from fiscal 2016. This decrease was the result of a charge of $4.1 million due to the new tax legislation enacted in 2017, and $9.5 million of after-tax charges to reposition Ace’s warehouse and call centre.