Oak Brook, Ill. — Ace Hardware Corporation reported record fourth quarter 2020 revenues of $2.1 billion, an increase of $577.6 million, or 39.2%, from the fourth quarter of 2019. Fiscal 2020 consisted of 53 weeks compared to 52 weeks in fiscal 2019. Excluding the 53rd week, revenues in the fourth quarter increased $477.7 million, or 32.4%, from the fourth quarter of 2019. Net income was $43.1 million for the fourth quarter of 2020, an increase of $39.6 million from the fourth quarter of 2019, the company announced.
Full year revenues were a record $7.8 billion, an increase of $1.7 billion, or 27.9%, from 2019 revenue (an increase of $1.6 billion or 26.2% excluding the 53rd week). Net income for fiscal 2020 was $316.9 million, an increase of $176.5 million, from fiscal 2019.
“The fourth quarter was yet again one of the most extraordinary in Ace’s history,” said John Venhuizen, president and CEO. “We’ve always believed that we were blessed to be in the business of serving others. And now, after a year like 2020, we feel blessed to be an essential retailer with strong suppliers, an expansive supply chain and amazing people. Ace employees in our stores and our warehouses withstood the massive surge in demand as consumers channeled a disproportionate share of their discretionary spending into their homes and gardens.”
“My deep appreciation and gratitude to the Ace Team for the protection of their people, the safety of our customers, and what I believe to be the most helpful service of any retailer on the planet,” said Venhuizen.”
The 28.7% increase in retail same-store-sales during the fourth quarter of 2020 reported by the approximately 3,300 Ace retailers who share daily retail sales data was the result of a 16.4% increase in average ticket and a 10.5% increase in same-store transactions. The 25.9% increase in retail same-store-sales for the full year was the result of a 14.7% increase in average ticket and a 9.8% increase in same-store transactions.
