Global Industrial opens new Toronto DC
Global Industrial Company announced the opening of its new distribution center in Toronto, Canada.
The state-of-the-art distribution center, which replaces a smaller facility in the Toronto area, is designed to allow Global Industrial to increase service levels to customers in Canada and significantly shorten delivery times. With the new facility, Global Industrial expands its distribution center footprint and inventory capacity in Canada by more than three times, increases fulfillment autonomy in the region and provides additional capacity to support future growth.
"We have seen tremendous growth in Canada and the additional capacity this distribution center provides will allow us to support our Canadian customers in a more direct and efficient manner. We believe our larger presence in Canada will enhance overall customer satisfaction and support long-term growth in the market," said Barry Litwin, chief executive officer.
Global Industrial has an integrated North American footprint of seven distribution centers serving customers across the U.S. and Canada. The company's distribution centers encompass approximately 3 million square feet of warehouse space and are located in Buford, Georgia; Robbinsville, New Jersey; Las Vegas; DeSoto, Texas; Pleasant Prairie, Wisconsin; and in Calgary and Toronto, Canada. The Toronto distribution center is more than 300,000 square feet and LEED Certified.
Company announces third quarter financials
Global Industrial also announced that its third-quarter sales increased 7.6% to $298.5 million compared to $277.4 million in last year's third quarter. Sales also increased 7.6% on an average daily sales basis.
Net income of $20.3 million, or 53 cents per diluted share, declined from $23.2 million, or 61 cents, in the same period last year.
"Gross margin remained healthy and increased modestly on a sequential basis, but was off from a record third quarter performance last year which included the initial benefits of strong price rationalization and lower cost inventory sell through," said Litwin. "During the quarter we saw further sales growth in the Global Industrial private brand offering and our one-to-one managed sales channel. We also improved our inventory position, generated strong cash flow from operations and continue to maintain a very strong balance sheet."
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.
