MSC Industrial Direct Co. Inc., Melville, NY, distributor of MRO supplies to industrial customers, reported sales in the first quarter 2008 were $437.6 million, an increase of 8.8% from the prior-year period. Profit was up 16.3% to $46.9 million.
Financial results for the first quarter were solid and in line with our expectations,"said David Sandler, president and CEO. "We continued to make progress executing our overall growth strategy. The integration of J&L has been successful, and we have made good progress on our plan to sell MSC products to our J&L customer base."
"In addition, our West Coast initiative is making solid progress. Our new sales offices in Seattle, Portland, and Salt Lake City are now open and this initiative continues to meet our goals."
Sandler said that MSC's customers have told the company that "market conditions are mixed."
"While there continue to be many pockets of strength, there is less optimism among our customer base in general and more concern of cost inflation, especially in raw materials and energy costs. At the same time, the macroeconomic indicators we follow are also signaling the possibility of a slowing market."