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MSC Industrial Direct Co. Inc. (NYSE: MSM), Melville, NY, a distributor of metalworking and MRO supplies, reported sales for the fiscal year ended August 30 of $2.8 billion, up 13.4 percent from the previous year. Profit for the fiscal year decreased 0.8 percent to $236.1 million.
"Our growth and infrastructure initiatives are progressing as planned and we continue moving to higher value-add, higher retention channels," said Erik Gershwind, president and CEO. "While the current pricing environment is temporarily affecting our near-term operating margin performance, I remain confident in our earnings power as we leverage our investments and move through the abnormally soft pricing environment."
For the fourth quarter, the company reported sales of $726.6 million, up 7.8 percent from $673.8 million the same quarter a year ago. Profit for the quarter increased 11.4 percent to $62.8 million.