Essendant sales up 1.1 percent
Essendant Inc. reported third quarter net sales increased 1.1% year-over-year to $1.4 billion.
The increase was driven primarily by growth in the office products category. Sales in the industrial segment decreased 4.7%, to $139.8 million.
Net income of $36.7 million, or 99 cents per share, compared to $27.7 million, or 74 cents, in the same period last year.
"Our recent results are below our expectations for the business. However, we are moving forward aggressively to implement the first phase of a comprehensive multi-year transformation program," said Robert B. Aiken Jr., president and chief executive officer of Essendant. "This action builds on the organizational changes we made earlier in the year to improve our focus on key customer channels and is designed to deliver improved profitability by winning back lost revenue in our JanSan distributor channel, aligning pricing with cost to serve, enhancing our merchandising efforts through better sourcing and assortment, driving productivity and reducing costs, and diversifying our industrial channel."