Ace Hardware posts record revenues as profits slide

OAK BROOK, Ill. — Ace Hardware reported record Q3 revenues of $1.43 billion, an increase of $84.8 million or 6.3% from a year ago. Net income however declined $17.5 million to $36.3 million, dragged down by warehouse expansion costs, among others. “Strong new store growth, increased same-store sales and a 35% increase in revenues” drove revenues, according to CEO and President John Venhuizen. “However, we are not immune to the pain of the tight labour market. Expanded product assortment, higher inventory and increased warehouse employee turnover drove expenses up and profits down for the quarter.”