Interline Brands posts 2Q loss
Interline Brands reported a loss of $38.6 million for the second quarter after recording a non-cash write-off of $67.5 million.
Second-quarter sales increased 4.9% to $425.5 million.
The write-off resulted from a decision to consolidate institutional brands under a single national brand.
Sales to institutional facilities customers, comprising 50% of sales, increased 5.8% for the quarter. Sales to multi-family housing facilities customers, comprising 31% of sales, increased 5.9% for the quarter. Sales to residential facilities customers, comprising 19% of sales, increased 2.0% for the quarter.
"We took another important step in the ongoing integration of our institutional businesses with our decision to begin to consolidate our institutional brands under a single national brand. We believe this is an exciting and critical step in our efforts to simplify and better scale our business, and to achieve our vision of a market leading institutional business that provides a differentiated suite of products with full national account reach, national supply chain capabilities and robust procurement technology," said Kenneth D. Sweder, president and chief operating officer.
Sales for the first six months of the year increased 4% to $818 million.
INDUSTRIAL SUPPLY MAGAZINE
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