Posted July 27, 2023

Grainger sales climb 9%

On July 27, Grainger reported results for the second quarter of 2023 with sales of $4.2 billion, up 9.0%, or 10.1% on a daily, constant currency basis, and diluted EPS of $9.28, up 29.1% compared to the second quarter of 2022.

"The team delivered another strong quarter of performance, as overall demand remains reasonably steady, and we show up well with our customers," said Chairman and CEO D.G. Macpherson. "Across the business, we continue to invest in our team members and operations, including the recent announcement of our new Northwest Distribution Center, all while producing great results at the top and bottom line. Given the success of the first half, we are raising the midpoint of our revenue and EPS ranges and expect to continue driving strong execution in the back half of 2023."

Second Quarter Highlights

  • Delivered sales of $4.2 billion, up 9.0%, or 10.1% on a daily, constant currency basis
  • Generated operating earnings of $661 million, up 23.5%, with operating margin of 15.8%, up 190-basis points
  • Achieved diluted EPS of $9.28, an increase of 29.1%
  • Produced $450 million in operating cash flow and returned $265 million to Grainger shareholders through dividends and share repurchases
  • Announced plans to open a new 500,000-square-foot distribution center in Oregon in 2025
  • Raising midpoint of full year 2023 total Company revenue and EPS guidance ranges, including daily sales growth of 8.5% to 11% and diluted EPS of $35.00 to $36.75 per share