November 20, 2014 10:29 PM ET

Specialty Retail

Company Overview of Ace Hardware Corporation

Company Overview

Ace Hardware Corporation operates as the wholesaler of hardware, paint, and other related products. It offers a selection of approximately 12,000 different products in hand and power tools, electrical, plumbing, cleaning, lawn and garden, paint and paint sundries, and automotive for home improvement needs. The company also provides value-added services, such as advertising, marketing, merchandising, and store location and design services to its retail members. It markets its products primarily to retailers that operate hardware stores and with whom the company has a retail membership agreement. Ace Hardware Corporation was founded in 1924 and is based in Oak Brook, Illinois.

2200 Kensington Court

Oak Brook, IL 60523

United States

Founded in 1924

Key Executives for Ace Hardware Corporation

Chief Executive Officer and President
Age: 44
Chief Financial Officer
Age: 54
President of East Tennessee and Northwest Georgia
Age: 55
Vice President
Executive Vice President of Supply Chain and Retail Support
Age: 53
Compensation as of Fiscal Year 2014.

Ace Hardware Corporation Key Developments

Ace Hardware Corporation Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 27, 2014

Ace Hardware Corporation announced unaudited consolidated earnings results for the third quarter and nine months ended September 27, 2014. For the quarter, the company reported total revenues of $1,128.9 million against $1,034.3 million a year ago. Operating income was $40.8 million against $37 million a year ago. Net income attributable to the company was $37.3 million against $34.4 million a year ago. For the nine months, the company reported total revenues of $3,538.9 million against $3,131.8 million a year ago. Operating income was $139.3 million against $89.2 million a year ago. Net income attributable to the company was $128.2 million against $81.1 million a year ago. Net cash used in operating activities was $5.6 million against $108.8 million a year ago. Purchases of property and equipment were $29.8 million against $31.5 million a year ago.

Ace Hardware Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 28, 2014

Ace Hardware Corporation announced unaudited consolidated earnings results for the second quarter and six months ended June 28, 2014. For the second quarter, the company reported total revenues of $1.33 billion increase of $157.0 million or 13.4%, from the second quarter of 2013. Net income attributable to the company was $66.5 million for the second quarter of 2014, an increase of $24.2 million or 57.2% from the second quarter of 2013. Wholesale merchandise revenues to comparable stores increased $64.3 million in the second quarter of 2014. Operating income 72.0 45.9 For the first half of 2014, same-store-sales at these stores are up 4.2%. Total revenues were $2,410.0 million against $2,097.5 million a year ago. Operating income was $98.5 million against $52.2 million a year ago. Net income was $91.3 million against $47.0 million a year ago. Net income attributable to the company was $90.9 million against $46.7 million a year ago. Net cash used in operating activities was $40.1 million against cash flow from operating activities $105.5 million a year ago. Purchases of property and equipment were $19.6 million against $20.0 million a year ago.

Ace Hardware Corporation Announces Board Changes

Ace Hardware Corporation announced changes to its board of directors. The Ace Hardware board of directors elected Mark Schulein, 44, president of Crown Ace Hardware as a member director. Schulein is a second-generation owner of Crown Ace Hardware; he has been actively involved in the business for the past 20 years. Effective March 1, 2014, non-member director John Costello resigned from the Ace Hardware board of directors due to schedule conflicts arising from his role as president of global marketing and innovation officer for Dunkin Brands Inc. The board of directors appointed Richard W. Bennet III, effective June 10, 2014, as a non-member director to serve Costello's unexpired term. Bennet, 61, is co-chief executive officer of CCA Global Partners based in St. Louis.

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