Posted January 7, 2010
MSC's sales fall 11.1 percent
MSC Industrial Direct Co. reported net sales for the first quarter of fiscal 2010 fell 11.1% to $384.8 million, compared with $433.0 million in the prior year period.
Fiscal 2010 first quarter operating income was $51.0 million, or 13.3% of net sales, compared with $74.4 million, or 17.2% of net sales, in the prior year period.
For the quarter, the company reported net income of $31.4 million, or 50 cents per share, compared with $45.1 million, or 72 cents per share, in the first quarter of fiscal 2009.
“The fiscal first quarter produced solid results for MSC,” said David Sandler, president and CEO. “Despite operating in a business environment that remained difficult, we generated results in-line with our expectations and continued to take market share. While customers continue to watch spending carefully, average daily sales improved during the quarter. Much of the improvement came from our large accounts, where demand has recovered more quickly than our more traditional customer base."
For the second quarter, MSC expects net sales of between $384.0 million and $396.0 million.
