Global Industrial's sales rise 17 percent
Global Industrial reported sales of $318.5 million for its second quarter, a 17 percent gain from $272.6 million in the same period last year.
Sales increased 16.9 percent on an average daily sales basis
Net income of $22.8 million, or 59 cents per diluted share, compared to income of $22 million, or 55 cents, in last year's second quarter.
"We continue to make progress on key digital innovation, sales, marketing, customer, and logistics initiatives, highlighted by the initial phased rollout of our new e-commerce platform which includes an enhanced user experience for desktop and mobile customers," said Barry Litwin, chief executive officer. "We believe investments in these areas will strengthen our competitive position, help us drive growth, and allow us to capture additional market share in the highly fragmented industrial distribution marketplace. I'm pleased with the progress we have made this year and excited by the numerous opportunities we have in front of us. We remain well positioned to drive bottom line performance and value for all our stakeholders over the long-term."
INDUSTRIAL SUPPLY MAGAZINE
The July/August issue of Industrial Supply magazine features an in-depth cover story about Singer Industrial. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Rachael Radford, as well as interviews with numerous product and distribution industry experts.
