5/16/2011 7:36:00 PM
HEADLINES
GRAINGER
Grainger reported sales, including fasteners, grew 13% to $1.9 billion in the first quarter of 2011. Sales on a daily basis increased 11% due to an extra selling day in the period.
Q1 operating earnings gained 44% to $263 million, driven by higher gross profit margins and positive expense leverage. Net earnings jumped 59% to $158 million, while earnings per share increased 66% to $2.18.
In 2010 Grainger sales increased 15.4% to $7.18 billion. Daily sales were up 15.9%. For 2010, approximately 10 percentage points of the sales growth came from an increase in volume, 4 percentage points came from business acquisitions, and 2 percentage points due to foreign exchange. Sales to all customer end-markets increased for 2010.
U.S. revenue increased 10.6% to $6.02 billion in 2010, with 9 percentage points of the sales growth coming from an increase in volume. U.S. operating income climbed 25% to $920.2 million.
Sales in Canada grew 26% to $820.9 million, while earnings rose 7% to $46.8 million.
Net sales for other businesses, which include Japan, Mexico, India, Puerto Rico, China, Colombia and Panama, rose 136%.
Grainger significantly expanded its fastener offerings in 2005, undertaking the biggest product expansion in its 78-year history by adding more than 25,000 fastener SKUs. Grainger’s 4,007-page catalog in 2006 featured 260 pages on fasteners.
Grainger supplies 2 million customers in the U.S. Canada, Mexico and China through more than 600 branches and 18 distribution centers.
Corporate Office: 100 Grainger Parkway, Lake Forest, IL 60045-5201. Tel: 847 535-1000 Web: grainger.com
CEO: James Ryan
Fastener executives: Rich Durante, GM of fastener distribution
Employees: 18,500
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