September 22, 2014 2:16 AM 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 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.

Ace Hardware and OPI Unveil Exclusive OPI Color Palette by Clark+Kensington

Ace Hardware and OPI have come together to bring OPI's most popular colors to life with an exclusive color palette by Clark+Kensington(R), Ace's premium paint line. The alliance between Ace Hardware and OPI is the first-ever collaboration of its kind and combines Ace's expertise in paint with OPI's expertise in color to create the OPI Color Palette by Clark+Kensington. The new color palette will launch this month in over 3,200 Ace Hardware stores nationwide and offer consumers the opportunity to bring their favorite nail lacquer colors to life within their home décor. The OPI Color Palette by Clark+Kensington will launch with three collections comprised of six iconic OPI shades each, for a total of 18 new paint colors. Each of the OPI Color Palette by Clark+Kensington collections will also offer five coordinating Clark+Kensington colors, providing additional inspiration for homeowners. The Artist - For the Original, Inspired, Spirited & Charming: Featuring OPI's Keeping Suzi at Bay, Miami Beet, Don't Touch My Tutu!, Gargantuan Green Grape, Samoan Sand and I Eat Mainely Lobster; Clark+Kensington pairings include So Sophisticated N-C17, Boutique Chic 06D-1, Let's Have a Party 32B-5, Designer White 1066 and Star Anise N-W32. The Wild Heart - For the Fresh, Daring, Dynamic & Chic: Featuring OPI's Can't Find My Czechbook, Black Onyx, My Pointe Exactly, Do You Lilac It?, Suzi Says Feng Shui, and Vant to Bite My Neck?; Clark+Kensington pairings include Lavender Bliss 41B-2, Cymbidium Orchid 23C-5, Late Night Serenade N-C21, Silent White CW-C1 and Fashion Fix 01C-6. The Romantic - For the Sophisticated, Confident, Iconic & Glam: Featuring OPI's OPI Red, Nein! Nein! Nein! OK Fine!, My Very First Knockwurst, Chick Flick Cherry, My Vampire is Buff and Over the Taupe. Clark+Kensington pairings include Garden Stone N-C10, Swaying Palm Trees 25B-7, Natural White CW-W1, Crazy in Love 06C-1 and Wisdom of the Ages 25B-5. Clark+Kensington, a premium line of paint+primer in one, is available exclusively at Ace Hardware. The Clark+Kensington paint line and OPI Color Palette will be showcased within the newly designed, boutique style Ace Paint Studio, offering consumers a world-class paint experience at their neighborhood Ace.

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