Ace Hardware just reported their Q2 2023 earnings, and surprisingly grills were listed as a positive for them.
Consolidated revenues for the quarter ended July 1, 2023 totaled $2.6 billion. Total wholesale revenues were $2.4 billion, an increase of $96.9 million, or 4.3 percent, as compared to the prior year second quarter. Increases were seen across a majority of departments with lawn and garden, paint, and grilling showing the largest gains.Ace Hardware Press Release
It’s been a while since we’ve seen “largest gains” and “grilling” in a sentence together. In addition to the positive news on grills, digital visits were a bright spot for Ace.
A 45 percent increase in visits to Acehardware.com drove an 18 percent increase in our digital business, a 3 percent increase in store visits, and an encouraging 1.1 percent increase in samestore transactions during the quarter. I’m very proud of the Ace team for delivering a 3.9 percent increase in revenue and a 6.6 percent increase in operating income within a difficult environment for retailers of durable goods.John Venhuizen, President & CEO of Ace Hardware
Ace has been focused on being a top omnichannel retailer, and has been recognized for their efforts. The increase in web traffic is great news for them.
There were still hiccups though in their earnings release. Much like The Home Depot’s recent earnings, Ace noted a decrease in their average ticket.
The approximately 3,600 Ace retailers who share daily retail sales data reported a 0.4 percent increase in U.S. retail same-store-sales during the second quarter of 2023, which was the result of a 1.1 percent increase in same-store transactions; partially offset by a 0.8 percent decrease in average ticket.Ace Hardware Press Release