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."
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.
