MSC: Net sales rise 11.5%
MSC Industrial Supply Co., a distributor of metalworking and maintenance, repair and operations (MRO) products and services, reported its fiscal Q2 net sales of $961.6 million represent a YoY increase of 11.5%,11 percentage points above the Industrial Production (IP) Index.
MSC President and Chief Executive Officer Erik Gershwind said, "We delivered a strong second quarter as successful execution across our initiatives continues to produce results. We delivered average daily sales growth approximately 11 percentage points higher than the IP Index and double-digit average daily sales growth for the fourth consecutive quarter. Looking ahead, we expect our outperformance against the IP Index to continue as we execute across our five growth drivers and take share by leveraging technical expertise to create operational benefits across our customer base."
Executive Vice President and Chief Financial Officer Kristen Actis-Grande added, "Our performance this quarter was bolstered by the changes we are making to leverage company specific growth. Productivity was strong once again, which led to operating margin expansion as benefits from our Mission Critical initiatives continue to mitigate ongoing headwinds. Looking to the future, we have reoriented our category management focus to improve product and supplier assortment and streamline our cost position. We expect to begin seeing early benefits in late fiscal 2023 with most of the benefits materializing in fiscal 2024.
"As we move into the back half of our fiscal 2023, there is growing momentum inside MSC which has us all excited about our future," she said. "The marketplace in which we operate has attractive dynamics and a significant total addressable market to support continued expansion. Our primary growth drivers and strong balance sheet highlight our competitive advantages to remain flexible in any operating environment with a long-term focus."
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