MSC's July sales fall 12.6 percent
MSC Industrial Supply said its net sales for July were $233.3 million, a decrease of 12.6 percent compared to $267 million in July last year.
Combined net sales for June and July, the first two months of the company's fiscal fourth quarter, were $507.5 million, a decrease of 14.0 percent from $576.6 million in the prior fiscal year.
During July, non-safety and non-janitorial product lines continued to see significant declines versus the prior year due to the impact of COVID-19 and significant declines in manufacturing activity. "In particular, industrial customers with exposure to end markets such as aerospace, automotive and heavy equipment were extremely soft. Sales of safety and janitorial lines remained positive for the month in the double-digit growth range. The company's gross margins are performing as expected, inclusive of the seasonal contraction typical of the fiscal fourth quarter," according to a company statement.
MSC intends to continue reporting monthly sales trends until the heightened uncertainty caused by COVID-19 diminishes.
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.
