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Industrial distributor MSC Industrial Direct Co. Inc. (NYSE: MSM), Melville, New York, reported sales of $866.5 million for its fiscal third quarter, a 4.6% increase compared to the year-ago period. Quarterly profit was $79.6 million, a 0.7% increase compared with the third quarter last year.
For the first nine months the company reported sales of $2.5 billion, up 6.6% over the same period in 2018. Profit fell 13.3% to $222.3 million.
"Our fiscal third quarter performance leaves us disappointed,” said Erik Gershwind, president and CEO at MSC.“We have seen a step-down in demand since April, while the pricing environment remains uncertain due to the overhang of tariffs and trade. In response to near-term trends, we have implemented a three-part action plan to 1) improve field sales execution and accelerate new account implementation; 2) increase profitability of our supplier programs; and 3) drive increased expense control and productivity."