4/14/2009
NEWS BRIEFS
Grainger Sales Slow, Jobs Cut

Grainger reported first quarter sales dropped 12% to $1.5 billion, while net earnings decreased 16% to $96 million.

U.S. sales slumped 10% to $1.3 billion, which included a 25% reduction among its heavy manufacturing customers. Operating earnings in the U.S. dipped 11% to $173.2 million.

Sales in Canada down 19% to $143.8 million, with operating earnings slipping 49% to $5.9 million.

“We do not believe that weve seen the bottom to the sales decline and expect increased pricing pressure throughout the remainder of the year,” stated CEO Jim Ryan.

The company reduced headcount by 200 employees, on track to meet workforce reductions of 300-400 in 2009.

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Related Links:

• Grainger