Ace Hardware Reports Fourth Quarter And Full Year 2019 Results

OAK BROOK, Ill., Feb. 13, 2020 /PRNewswire/ — Ace Hardware Corporation (“Ace” or the “Company”), the largest retailer-owned hardware cooperative in the world, today reported record fourth quarter 2019 revenues of $1.5 billion, an increase of $85.1 million, or 6.1 percent, from the fourth quarter of 2018.  Net income was $3.5 million for the fourth quarter of 2019, a decrease of $21.7 million from the fourth quarter of 2018.  Included in the results for the fourth quarter are pre-tax charges of $8.5 million for a non-cash goodwill impairment charge related to The Grommet, $5.0 million for the write-down of inventory related to the transition to the Benjamin Moore paint program, $2.5 million for retail pre-opening costs related to new Westlake stores in California, and $1.2 million for severance related costs. Full year revenues were a record $6.1 billion, an increase of $354.2 million, or 6.2 percent, from 2018 revenue.  Net income for fiscal 2019 was $140.4 million, an increase of $12.2 million, from fiscal 2018.  The increase was primarily due to higher revenues and additional vendor funds earned, partially offset by the paint inventory write-down,...

Sun Protective Car Covers Market: Global Industry Analysis, Opportunity and Forecast 2019 to 2025

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