6309 Monarch Park Place, Suite 203
Niwot, CO 80503, USA
Phone (303) 443-5060
Toll free (888) 742-5060
Net sales were $646 million, a 3% decline from $666 million last year, due to lower unit sales volumes. Despite numerous recent share gains, the company's sales growth continues to be constrained by a weak U.S. industrial economy. On a segment basis, sales decreased 6% in tools and increased 6% in doors. On a geographic basis, sales decreased 3% in the Americas, 3% in Europe and 6% in Asia/Pacific. Exclusive of the effects of foreign currency, sales decreased 4% in Europe and 1% in Asia/Pacific.
John M. Trani, chairman and CEO, commented: "Revenues, in particular on the retail side of our business, improved steadily as the quarter progressed. It is clear that we are benefiting from recent retail share gains and that consumer markets are slowly improving. Our U.S. hand tools business delivered solid sales growth for the third consecutive quarter due to new product sales and higher share, especially at Wal