Grainger sales up 5% for Q4 '23
Grainger reported results for the fourth quarter and full year 2023. Sales of $4.0 billion in the fourth quarter 2023 increased 5.1%, or 5.5% on a daily, organic constant currency basis versus the fourth quarter of 2022.
For the full year, sales of $16.5 billion increased 8.2%, or 9.5% on a daily, organic constant currency basis compared to the prior year.
"Our strong 2023 performance was driven by the team's focused execution against our long-term strategy in a normalizing demand market. We strengthened our advantage in both our High-Touch Solutions and Endless Assortment segments and achieved record annual sales and earnings by remaining committed to our purpose, We Keep the World Working," said Chairman and CEO D.G. Macpherson, . "As we look to 2024, we remain dedicated to delivering tangible value for customers, strong results for shareholders, and an engaging culture for team members."
Fourth Quarter 2023 Highlights
- Delivered sales of $4.0 billion, up 5.1%, or 5.5% on a daily, organic constant currency basis
- Achieved reported operating margin of 13.9%, down 40 basis points, or 14.6% on an adjusted basis, up 80 basis points
- Increased diluted EPS by 4.7% to $7.89 on a reported basis, or by 16.7% to $8.33 on an adjusted basis
- Announced plans to open a new 1.2 million square-foot distribution center near Houston, Texas in 2026
Full Year 2023 Highlights
- Grew sales to $16.5 billion, up 8.2%, or 9.5% on a daily, organic constant currency basis
- Realized reported operating margin of 15.6%, up 110 basis points, or 15.7% on an adjusted basis, up 130 basis points
- Increased diluted EPS by 20.5% to $36.23 on a reported basis, or by 23.6% to $36.67 on an adjusted basis
- Produced $2.0 billion in operating cash flow and returned $1.2 billion to Grainger shareholders through dividends and share repurchases
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
