Posted April 29, 2010
United Stationers sales up 3 percent
United Stationers Inc.reported that its first quarter sales were $1.2 billion, up 3% from the prior-year quarter.
The rate of growth was particularly strong within the industrial supplies (+8%) and janitorial/breakroom (+5%) categories. Operating income for the quarter was $35.8 million, 3.1% of sales, versus $28.9 million, or 2.6% of sales, in the first quarter of 2009.
"Successful execution of our growth strategies, together with modestly improving economic conditions, drove our positive first quarter sales performance," said Richard W. Gochnauer, president and CEO. "While the lower inflation environment created margin pressure, our continued control of expenses delivered stronger operating margins. That same discipline in working capital management enabled continued strong cash flow generation. We continued to make investments in key initiatives to position us for future growth, and enhanced shareholder value through share repurchases in the quarter."
