Grainger, Chicago, IL, reported sales of $1.6 billion for the second quarter ended June 30, 2007, up 8% versus the same period a year ago. Profit was up 12%.
For the six months ended June 30, 2007, sales were $3.1 billion, up 8%, and profit up 15%.
Sales in this segment, which includes branch-based businesses in the U.S., Mexico and China, increased 8% in the second quarter. Of the 8% growth, an estimated 5 percentage points came from the company's two growth initiatives in the U.S., market expansion and product line expansion.
Sales growth was reduced by 1 percentage point due to the continued wind-down of low margin contracts with integrated-supply customers as the company exits the remaining contracts throughout ...