Grainger's 2Q sales up 13.1 percent
Grainger's second-quarter sales of $3.2 billion were up 13.1 percent from $2.8 billion compared to the second quarter 2020.
Both the High-Touch Solutions N.A. and Endless Assortment segments produced strong top-line growth.
Daily sales for the quarter increased 13.1 percent as compared to the second quarter of 2020 with the same number of selling days. On an organic, constant currency basis, which excludes revenues from the divested Fabory and China businesses from the prior year results, daily sales increased 15.0 percent as compared to the second quarter of 2020. Foreign exchange contributed a 0.9 percent favorable impact during the second quarter of 2021 compared to the second quarter of 2020.
In the High-Touch Solutions N.A. segment, sales were up 13.7 percent on a daily basis versus the prior year second quarter due primarily to a strong recovery in non-pandemic product growth. In the Endless Assortment segment, daily sales growth was up 23.0 percent versus the second quarter of 2020 from strong customer acquisition in both Zoro U.S. and MonotaRO.
Net earnings of $225 million, or $4.27 per diluted share, compared to $114 million, or $2.10 per share, in the same period last year. Reported earnings per share of $4.27 increased 103 percent versus the second quarter of 2020
"Grainger is uniquely positioned to navigate one of the most challenging supply chain environments in recent history, with labor shortages, material shortages and transportation challenges. I am proud of how the Grainger team has remained committed to our operating principles, served customers well during this period and delivered strong top-line growth," said DG Macpherson, chairman and chief executive officer. "As more of the U.S. became vaccinated, and mask mandates were relaxed earlier than expected, demand for pandemic products stalled, resulting in further inventory adjustments and a negative impact to gross profit margin. Excluding these adjustments, our underlying gross profit margin has improved as customer demand has returned to a more normal mix. We remain confident in our ability to achieve full year financial results within our guidance range."
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