In its second-largest acquisition, Amazon buys the company for $970 million.
Web sales in 2009 were flat for Ace Hardware at $11.9 million. But that was a bright spot in a year in which total sales declined 10.3% to $3.5 billion from $3.9 billion in 2008.
Web sales held steady in 2009 for Ace Hardware, while store sales declined.
For the fiscal year ended Jan. 2, Ace Hardware reported:
- Web sales were $11.9 million, up by 0.8% from $11.8 million in 2008.
- Total sales were $3.5 billion, down by about 10.3% from $3.9 billion in 2008.
- Net income was $95.7 million, an 11.5% increase from $85.8 million.
“While we are disappointed with our revenues for 2009, our overall performance was solid in what was a very challenging year,” says Ray Griffith, president and CEO of Ace Hardware, No. 451 in the Internet Retailer Top 500 Guide. “We reduced operating expenses for a third consecutive year and strategically invested in our business to support the best hardware retailers in the industry.”
For the fourth quarter, Ace reported:
- Total sales were $800.3 million, a decrease of 16.2% from $954.6 million year over year. Ace doesn’t break out quarterly web sales.
- Net income was $12.4 million, down by 18.4% from $15.2 million.