Grainger's second quarter sales decline 2%
Grainger reported second quarter sales of $2.84 billion declined 2 percent from $2.9 billion in the same period last year.
Net earnings of $114 million, or $2.10 per diluted share, fell from $260 million, or $4.67, in the same period last year.
"We remain grounded in our priorities of serving our customers well, helping our customers and team members focus on safety and well-being, and maintaining a strong financial position even in times like these," said DG Macpherson,chairman and chief executive officer. "During the second quarter, Grainger performed well. We gained significant share in a down market, fueled by elevated levels of pandemic product sales and improving trends in non-pandemic product sales throughout the quarter. On the cost side, we achieved significant leverage and generated over $75 million of sequential cost reductions contributing to strong operating cash flow and allowing continued investment in the business. The work our team members are doing resonates with our customers and communities and positions Grainger to support our customers and deliver results even in this uncertain time."
Daily sales for the quarter decreased 1.9 percent compared to the 2019 second quarter. The sales decline was driven by volume decreases including unfavorable product mix from heightened levels of pandemic-related sales, as well as decreased volume of non-pandemic products.
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.
