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Industrial distributor MSC Industrial Supply Co. (NYSE: MSM), Melville, NY, reported sales for the fiscal year ended September 3 of $2.9 billion, down 1.6 percent from the previous year. Profit for the fiscal year was $231.2 million, flat compared to the prior year.
Fourth quarter sales were $745.1 million, up 2.4 percent compared to the same quarter a year ago. Profit for the quarter increased 4.8 percent to $61.8 million.
"Conditions remained very difficult throughout the fourth quarter, much as they have for the past few quarters," said Erik Gershwind, president and CEO. "Low oil prices and the strong U.S. dollar continued to depress demand, particularly in metalworking and heavy manufacturing. Despite these headwinds, our execution remains strong, including continued share gains, sustained gross margin stabilization and strong expense controls."