Grainger finishes challenging year with 2.7 percent sales gain
Despite the challenges caused by the pandemic, Grainger finished 2020 with sales of $11.8 billion, an increase of 2.7 percent from $11.5 million in 2019.
Top-line growth was driven by substantial share gains in the U.S. segment and continued strong growth in the endless assortment businesses.
Net earnings of $695 million, or $12.82 per diluted share, declined from $877 million, or $16.18 per share, in 2019. The earnings decline primarily resulted from charges in the first half of the year related to the divested Fabory business.
"2020 was a year filled with challenges and uncertainty. I'm proud of how the Grainger team made quick, prudent decisions to best serve our customers, keep our employees safe, and remain in a strong financial position. In both the full-year and fourth quarter 2020, despite the challenges of the pandemic, we delivered solid top-line growth by gaining significant share in the U.S. and delivering impressive growth in our endless assortment businesses. In addition, we managed SG&A spending below the prior year while continuing to generate significant operating cash flow," said DG Macpherson, chairman and chief executive officer.
For the fourth quarter, sales of $2.9 billion were up 3.3 percent from $2.8 billion in the same period last year.
Net earnings of $168 million in the quarter, or $3.12 per share, improved from earnings of $103 million, or $1.88 per share, in last year's fourth quarter.
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.
