Ace profits down

Ace Hardware, the US dealer-owned cooperative, was able to increase its wholesale revenue by 1 per cent to US $ 3.97 bn (€ 2.56 bn), but profits were 8 per cent down on the previous year to US $ 86.9 mio (€ 56.11 mio). Ace opened 171 new stores in 2007, and 125 new openings are planned for this year. Altogether the enterprise operates 4 600 stores worldwide, which notch up annual sales of approximately US $ 13 bn (€ 8.4 bn).