Global Industrial 1Q Comparable Sales Rise 4.2% - Modern Distribution Management

Log In

Global Industrial 1Q Comparable Sales Rise 4.2%

That's down from 5.1% in 4Q, as Global's 2Q23 acquisition of Indoff Inc. continued to inflate its year-over-year results.
Global Industrial building
Author
Date

Industrial and MRO parts distributor Global Industrial Company reported its 2024 first quarter financial results on April 30, showing a modest deceleration in comparable sales growth, while its 2Q23 acquisition of Indoff Inc. continued to power major year-over-year gains.

Port Washington, NY-based Global Industrial posted total 1Q24 sales of $323 million, up 18.1% year-over-year, with comparable sales up 4.2% (+4.3% on same-day basis). Sequentially, that trailed 4Q23’s 5.1% comparable increase.

PREMIUM: How Global Industrial Became a Distribution Outperformer (Oct. 2023)

The company’s 1Q24 gross margin of 34.3% fell 160 basis points year-over-year but topped 4Q23’s 33.8%, while comparable gross margin excluding Indoff was 35.8% — down 10 bps year-over-year.

1Q24 operating profit of $17.4 million dipped 2.2% year-over-year ($21M in 4Q23) on margin of 5.4% (6.5% in 4Q23). Excluding Indoff, operating profit of $16 million fell 9.6%.

PREMIUM: Behind the Deal – Global Industrial Finds Strategic Fit in Indoff (June 2023)

Global Industrial’s 1Q24 net profit of $13 million was flat year-over-year, and trailed 4Q23’s $15 million.

“Our performance reflects a continuation of the cautious customer purchasing behavior we have seen for the past several quarters,” Global Industrial CEO Barry Litwin said in the company’s financial release. “eCommerce was once again our leading channel and we are seeing strong growth in our enterprise business as it benefits from new account generation and healthy retention rates. Order and volume trends were solid and partially offset by continued price headwinds. We remain pleased with gross margin performance, which was essentially flat on an organic basis for both the prior year and sequential quarter.”

Global Industrial had 2023 total sales of $1.27 billion, up 9.3% from 2022. Excluding Indoff, 2023 sales fell 0.7%.

Related Posts

Share this article

About the Author
Recommended Reading
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

Get the MDM Update Newsletter

Wholesale distribution news and trends delivered right to your inbox.

Sign-up for our free newsletter and get:

  • Up-to-date news in a quick-to-read format
  • Free access to webcasts, podcasts and live events
  • Exclusive whitepapers, research and reports
  • And more!

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.

Register for full access

By providing your email, you agree to receive announcements from us and our partners for our newsletter, events, surveys, and partner resources per MDM Terms & Conditions. You can withdraw consent at any time.

Learn More about Custom Reports

Request a Market Prospector Demo

  • This field is for validation purposes and should be left unchanged.