Interline Brands reports 8.3% sales drop
Interline Brands reported $254.6 million in sales for the fourth quarter of 2009, 8.3% below the fourth quarter of 2008.
Earnings per diluted share were 19 cents, a decrease of 14% compared to 22 cents for the same period last year.
Sales for 2009 were $1.06 billion, an 11.4% decrease compared to sales of $1.20 billion in 2008. Earnings per diluted share were 79 cents for 2009, a decrease of 37% compared to $1.25 for 2008.
Interline's facilities maintenance end-market, which comprised 71% of sales, declined 3.7% during the fourth quarter on an average daily sales basis. The professional contractor end-market, which comprised 17% of sales, declined 20.2% for the quarter. The specialty distributor end-market, which comprised 12% of sales, declined 15.0% for the quarter.
"Institutional sales were essentially flat compared to the fourth quarter of 2008, driven by the strength of our core MRO and janitorial-sanitation products. In addition, multi-family housing sales were down approximately 3% for the quarter when excluding our Renovations Plus business, which focuses on larger discretionary multi-family housing remodeling projects," said Michael Grebe, chairman and CEO.
"In 2010, we will continue to pursue our strategy of larger and more productive distribution centers that will enable us to further improve the customer experience and enhance our ability to scale our business as conditions improve," said Kenneth D. Sweder, chief operating officer.
INDUSTRIAL SUPPLY MAGAZINE
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