Ace Hardware Corporation has announced the company’s Q1 2020 Financial Results ended on March 31, 2020. According to the financial details released by the company, the company has generated the total revenue of $1.43 billions, with an increase of $51.9 million in the previous quarter of 2019. The company’s net income reached $36.2 million for the first quarter of 2020 with an increase of $13.6 million from the previous quarter of 2019.
The company’s retail operating expenses increased up to $17.9 million with an increase of 47.6% from the previous quarter of 2019. The company has further said that the total domestic store count of the company reached 4,566 at the end of the first quarter of 2020 with an increase of 69 stores from the previous quarter of 2019.
Chief Executive Officer and President of Ace Hardware Corporation, John Venhulzen said, “While our first quarter generated record sales and profit, we humbly acknowledge that this global pandemic has ripped open much of the world like a nasty earthquake in the six weeks since our quarter ended. Business has changed dramatically in this period, as has life for a meaningful portion of the world.”
“In the month of April, U.S. retail same-store sales increased 26 percent and our online business surged 580 percent; primarily through curbside pickup, in-store pickup and delivery from our locally owned stores,” John Venhulzen further added.
“We feel both the blessing and the burden of being declared an essential retailer. The protection of our people and our neighbors remains our highest priority. I want to convey my deep and sincere appreciation to the Ace team and in particular our steady-handed drivers, our hard-working warehouse specialists and our in-store, red-vested heroes for their grit, guts and servant hearts,” John Venhulzen continued.