Expenses nail Ace profit in Q2

Oak Brook, Ill. – Increased retail operating expenses, primarily related to store acquisitions and advertising, helped reduce profit at Ace Hardware Corp. during the second quarter of fiscal 2015. Net income totaled $57.5 million, a 13% drop from $66.5 million the same quarter a year earlier.



Consolidated revenues fared better, rising 6% to $86.2 billion from $84.8 billion.



"Ace’s record second quarter revenues for the second consecutive year were a direct result of the hard and effective work of our great people and world class retailers," said John Venhuizen, president and CEO, Ace Hardware Corp. "While our net income declined from last year, we are still far ahead of our plan and believe the investments we are making are a significant driver of the impressive 4.6% increase in retail same-store-sales for the quarter.”