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Construction and industrial sales decreased 1.1% in the fiscal first quarter.
The industrial distributor said preliminary fiscal third-quarter sales were $835 million, which would mark a 3.6% decrease from year-ago period.
Distributor expects negative impact from COVID-19 to be reflected in second quarter results.
The companys planned actions will deliver $160 to $170 million in annual pre-tax cost savings, with approximately $25 to $35 million of savings projected in 2020.
ASA is part of a coalition asking Congress to act quickly to enact temporary COVID-19 liability protections.
The company reported daily sales up 14.8% versus a year ago based on strength in safety.
By focusing your resources on your profit core, and emphasizing your key people and relationships, you can make sure that your initiatives and actions are both practical and timely under todays fast-changing conditions.
Today's environment may be full of factors outside of our control, but distributors also have an opportunity to re-examine long entrenched practices and explore new, more efficient ways of doing business.
This is the second article in a three-part series for distributors to improve long-term financial performance. Part one addressed first steps to create a financial appraisal of your firms current financial position. Part two tackles profit improvement variables and key mistakes distributors make.
Wholesale revenues, inventories and ratios from March 2020.
COVID-19 has sped up the digital evolution of the sales department. MDMs John Gunderson explains how to keep your sales people selling with the effective tactics they have picked up during coronavirus distancing, put an end to ineffective practices of the past, and use data to take share from competitors even in a down market.
Failure to monitor automated supply chain replenishment could result in a vicious cycle with companies throughout the supply chain experiencing warehouses full of the wrong products and little cash to rectify their situations.
Four critical actions to take for an effective transition of sales teams to this new environment include reassurances about compensation, addressing performance gaps, elevating customer conversations and training on new customer interactions.
MDM's Tom Gale is optimistic that over the next several months distribution will play such a critical role in getting our economy off its back and to fully functioning capacity as quickly as possible.
MDMs quarterly survey in partnership with investment banking firm Baird reveals a consensus among more than 600 participants: The industry began feeling the effects of the pandemic shutdown very quickly in March, with many expecting to experience an impact on business operations, supply chain, cash flow and even solvency through at least the end of the year.
Everyone wants to know, what will our economic recovery from COVID-19 look like? The most optimistic are hoping for a V-shaped curve, others are expecting a W or even an L. When faced with an indeterminate outlook like we see today, information is key.
To promote the best possible work environment while helping to slow the spread of COVID-19, experts recommend distributors prioritize regular and consistent staff communication using a system that employees are already familiar with.
We all have a hefty task on our plates, to manage through a crisis the global scale of which has never been seen before.