Ace Hardware Achieves Record-Breaking Financial Performance in 2024

Ace Hardware Corporation has announced its financial results for the fourth quarter and full year of 2024, showcasing a year of strong growth and achievement. The company reported record revenues and net income, reflecting its robust performance in the competitive home improvement retail sector.

Fourth Quarter 2024 Highlights

• Revenue Surge: Ace Hardware's fourth quarter revenues reached a record $2.3 billion, marking a 7.6% increase compared to the same period in 2023. This significant rise underscores the company's effective strategies in meeting consumer demand and expanding its market presence.
• Net Income Growth: The company achieved a record net income of $53.8 million in the fourth quarter, highlighting its operational efficiency and profitability.

Full Year 2024 Performance

• Annual Revenue: For the full year, Ace Hardware reported revenues of $9.5 billion, a 3.9% increase from 2023. This consistent growth trajectory emphasizes the company's resilience and adaptability in a dynamic market.
• Store Expansion: The company added 215 new domestic stores in 2024, bringing the total U.S. store count to 5,144. Globally, Ace Hardware's presence expanded to 5,966 stores, reinforcing its position as a leading player in the home improvement industry.
• Patronage Dividend: Ace Hardware declared a patronage dividend of $357.0 million to its shareholders, reflecting the company's commitment to rewarding its investors and stakeholders.

Strategic Initiatives Driving Success

Several strategic initiatives have been pivotal to Ace Hardware's remarkable performance in 2024:

• Digital Transformation: The company has invested heavily in enhancing its digital platforms, resulting in a seamless online shopping experience for customers. This digital push has not only attracted a broader audience but also complemented in-store sales.
• Product Diversification: By expanding its product range to include exclusive brands and high-demand items, Ace Hardware has effectively catered to diverse customer needs, driving sales across various categories.
• Community Engagement: Ace Hardware's focus on community-centric services and localized marketing strategies has strengthened customer loyalty and brand recognition in numerous markets.

Industry Recognition

In 2024, Ace Hardware's excellence did not go unnoticed. The company was honored as one of the "World’s Best Employers" and "America’s Best Employers" by Forbes. These accolades reflect Ace Hardware's dedication to fostering a positive work environment and its reputation as a preferred employer in the retail sector.

Leadership Perspective

John Venhuizen, President and CEO of Ace Hardware, expressed pride in the company's achievements, stating, "Strong comparable store sales during the fourth quarter from our hardware format stores, accelerated new store growth, and our continued digital advance fueled a very encouraging 7.6% increase in revenue for the quarter." Venhuizen's leadership has been instrumental in steering the company towards innovation and sustained growth.

Future Outlook

Looking ahead, Ace Hardware aims to build upon its 2024 successes by:

• Enhancing Supply Chain Efficiency: The company plans to invest in its supply chain infrastructure to ensure timely product availability and meet increasing customer demand.
• Sustainability Initiatives: Ace Hardware is committed to implementing environmentally friendly practices, including energy-efficient store operations and sustainable product offerings.
• Employee Development: Continued investment in employee training and development programs will remain a priority, ensuring that staff are well-equipped to provide exceptional customer service.

Conclusion

Ace Hardware's record-breaking financial performance in 2024 is a testament to its strategic vision, operational excellence, and unwavering commitment to customer satisfaction. As the company continues to innovate and expand, it solidifies its position as a leader in the home improvement retail industry.

For more detailed financial information and future updates, visit Ace Hardware's official newsroom.

Interested in owning an Ace Hardware store? Learn more about joining a trusted brand at myace.com/

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