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Ace Hardware Competitors

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The Organization’s History, Products, and Major Competitors. Ace Hardware began with the alliance of four businessmen in the home improvement industry. “In 1924, uniting their Chicago-area hardware stores to increase buying power, Richard Hesse, E. Gunnard Lindquist, Frank Burke and Oscar Fisher forge the beginning of Ace. By 1928, Ace store are officially incorporated, ensuring for the Ace founders the right to purchase sell and even manufacture hardware. The following year, Ace opens its first warehouse in Chicago and benefits from the public’s unwavering need for tools and hardware, even in the most unsettling economic times” (Ace Hardware Corporation. 2016). The products that Ace carries are your typical hardware store products from …show more content…

"While 2015 presented plenty of challenges and much for which they need continuous improvement, the organization is pleased to report “best ever” sales and profit as a result of increases in each of their four growth pillars. On a consolidated basis, total revenue grew to $5.05 billion, a 7.3% increase from last year. Excluding 2014’s 53rd week and paint equipment for retailers, revenue increased 9.6%. Consolidated net income increased 10% to $156 million, fueled globally by 226 new stores and very strong domestic increases in retail same-store sales, up 4.6%. Same-store transactions increased 1.9%, the highest in 15 years and same-store retail gross profit grew 5.3%. The organization will return an industry-leading dividend of $146 million in cash, stock, and notes. This comes in addition to the $51 million in up-front dividends retailers received through lower cost of goods on STOP, bulletin, and LTL plus merchandise, and with less debt and more equity, their sturdy balance sheet only improved” (Ace Hardware Annual Report 2015). SWOT Analysis to Determine Areas That Offer Opportunities for Change. Strengths * Strong brand equity on key brands * Growing international operations * Product development skills * Innovator * Has a strong impact in the outside community. * Advertising tries to give a feeling of hope and optimism (Management Paradise, 2010). Weaknesses * Rising SG&A expenses * Concentrated …show more content…

The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements” (Ace Hardware Annual Report

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