Grainger challenged by ‘difficult industrial environment’
Grainger (NYSE: GWW) reported results for the 2016 second quarter ended June 30, 2016. Sales of $2.6 billion increased 2 percent versus $2.5 billion in the second quarter of 2015. There were 64 selling days in the 2016 second quarter, the same as the 2015 second quarter. Net earnings for the quarter of $173 million were down 22 percent versus $221 million in 2015.
“Grainger and our industry remain challenged by the difficult industrial environment. The U.S. business performed slightly below our expectations due to lower sales volume that was partially offset by better than expected gross profit margins. We managed expenses tightly in the quarter given the lower sales volume” said Chairman, President and Chief Executive Officer Jim Ryan.