10/28/2015 12:32:00 AM
NEWS BRIEFS
MSC Industrial Supply Co. reported sales in the fourth quarter of fiscal 2015 rose 0.1% to $727.4 million “on continued share gains in difficult market conditions.” Q4 gross margin was 45%, and adjusted net income declined 6.8% to $59.2 million.
“Our flat fourth quarter sales reflected strong execution in the face of a difficult and deteriorating environment,” stated CEO Erik Gershwind. “The prolonged impact of the drop in oil prices, the strong US dollar and foreign exchange headwinds are all negatively impacting broader manufacturing activity.”
Full-year sales increased 4.4% to $2.9 billion, with operating income down 1% to $379.5 million and net income falling 2% to $231.3 million.
“As we move into 2016, we remain focused on outgrowing the market and managing those levers within our control,” Gershwind concluded. “We have historically made our greatest strides during economic slowdowns.”
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