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MSC Industrial Direct Co., Inc. (NYSE: MSM), Melville, NY, No. 11 on MDM's list of top industrial distributors, reported sales for the third quarter ended May 26, 2012, were $612 million, up 15 percent over the same period a year ago. Profit increased 13.1 percent to $70.2 million.
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For the first nine months of fiscal 2012, sales were $1.72 billion, a year-over-year increase of 15.6 percent. Profit grew 19.3 percent to $159.3 million.
"It's clear to us that the trend of consolidating spend within our industry is speeding up as customers are recognizing the value of differentiated supply chain solutions, such as our vending and e-Commerce platforms, that will reduce their costs, save time, and increase productivity," President and COO Erik Gershwind said.
"Looking ahead, we believe that the combination of digital information, e-Commerce, vending and supportive technology is clearly shifting the value equation toward those distributors with the ability to invest in these capabilities," CEO David Sandler said. "Against this backdrop, we expect our investments will widen the gap with competitors and lock in share gains. While our growth investments may create some near-term headwinds, we expect those headwinds to abate over time and to position us for stronger growth and operating leverage in the long-term."