Industrial distributor MSC Industrial Supply Co. (NYSE: MSM), Melville, New York, reported sales of $3.2 billion for fiscal 2020, a 5.1% decrease compared to 2019. Full-year profit was $251.1. million, a 13.1% decrease compared with a year ago.
For the fiscal fourth quarter ended Aug. 29, the company reported sales of $747.7 million, down 11.3% over the same quarter in 2019. Profit fell 21.2% to $52.5 million.
“Our fiscal fourth quarter reflects continued solid execution in a weak industrial demand environment,” said Erik Gershwind, president and CEO at MSC. “Most manufacturing end markets remain soft given COVID-19 uncertainty. We did, however, see sequential improvement in sales of non-safety and non-janitorial products. Sales of safety and janitorial products also continued growing year-over-year at roughly 20% percent each month on average and for the quarter. Overall gross margin for the quarter declined 40 basis points, reflecting PPE mix headwinds and underlying gross margin stability due to strong realization from our annual price increase, and continued benefits from our supplier programs.”
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