Posted April 7, 2021

MSC's 2Q sales decline 1.5 percent

MSC Industrial Supply reported that its net sales of $774.0 million declined 1.5 percent from $786.1 million in the prior year quarter.

Net income of $18.1 million, or 32 cents per diluted share, compared to income of $55.5 million, or $1 per share, in the same period last year.

“Our fiscal second quarter reflected solid execution in a choppy, but improving environment," said Erik Gershwind, president and CEO. "Improvement in sales levels of our non-safety and non-janitorial product lines continued through the quarter and turned positive in March. Sales of our safety and janitorial products grew in the mid-teens. Execution of our Mission Critical initiatives was solid, and I am pleased with the progress that we are making with our share capture programs.”

Kristen Actis-Grande, executive vice president and chief financial officer, added, “Average daily sales were $12.7 million for the quarter and our gross margin was 38.1 percent, a decline of 400 basis points versus the prior year due primarily to a roughly $30 million PPE write-down recorded during the quarter."