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ACE HARDWARE REPORTS RECORD FIRST QUARTER 2022 RESULTS

Ace Hardware

Ace Hardware has once again earned J.D. Power’s highest ranking for customer satisfaction among home improvement retail stores. This marks the 15th time in the past 16 years that Ace Hardware sits atop the annual J.D. Power U.S. Home Improvement Retailer Satisfaction Study.

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Ace ranked in the top spot in all five categories measured in the study: Staff and Service, In-store Experience, Online Experience, Merchandise and price.

“Since our founding in 1924, our aim has never been to be the biggest,” said John Venhuizen, President and CEO of Ace Hardware Corporation. “Our mission is to be the best. And feedback from consumers through research like J.D. Power is validation that our small, mostly family run businesses, make Ace stores the best, most helpful hardware stores on the planet.”

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The 2022 J.D. Power U.S. Home Improvement Retailer Satisfaction Study study is based on responses from over 2,100 consumers who purchased home improvement products or services over the past 12 months. Ace ranked highest among major retailers with an overall satisfaction index score of 869 on a 1000-point scale.

Ace Hardware Corporation (“Ace” or the “Company”) today reported record first quarter 2022 revenues of $2.2 billion, an increase of $181.8 million, or 8.9 percent, from the first quarter of 2021.  Net income was $119.8 million for the first quarter of 2022, an increase of $14.4 million from the first quarter of 2021.  The increase in net income includes a $21.4 million gain on the sale of the former Gainesville, Georgia retail support center (“RSC”).  Excluding this gain, net income for the quarter was $98.4 million, a decrease of $7.0 million from the first quarter of 2021.

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Our first quarter increases in revenue and income brings our two-year stacked growth to nearly 51 percent and 205 percent, respectively,” said John Venhuizen, President &Ace Hardware CEO.  “Revenue growth from the 54 new stores we added in the first quarter was real and incremental.  The remainder of the first quarter revenue growth, however, was not as it was the result of ongoing inflation.”

The approximately 3,500 Ace retailers who share daily retail sales data reported a 1.4 percent increase in U.S. retail same-store-sales during the first quarter of 2022. Estimated retail price inflation of 9.5 percent helped drive a 10.0 percent increase in average ticket. Same-store transactions were down 7.8 percent.

Consolidated revenues for the quarter ended April 2, 2022 totaled $2.2 billion.  Total wholesale revenues were $2.1 billion, an increase of $187.9 million, or 10.1 percent, as compared to the prior year first quarter.  Increases were seen across most departments with outdoor power equipment, lawn and garden and plumbing showing the largest gains.  Wholesale merchandise revenues to new domestic stores activated from January 2021 through March 2022 contributed $57.3 million of incremental revenues during the first quarter of 2022, while wholesale merchandise revenues decreased $11.9 million during the first quarter due to domestic stores whose memberships were cancelled.

Wholesale merchandise revenues to comparable domestic stores increased $136.0 million for the quarter.  All of this increase was the result of estimated wholesale price inflation of 13.0 percent.  The Company’s Ace International Holdings, Ltd. subsidiary experienced a $10.3 million decrease in wholesale revenue versus the first quarter of 2021, while Ace Wholesale Holdings LLC reported a $13.8 million increase in wholesale revenues from the first quarter of 2021.

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