The 2020 Mid-Year Economic Update_long

MSC Sales Decrease 2.9% in First Quarter

Profit dips 1.7 percent for company in fiscal 2017 first quarter

MSC Industrial Direct Co. Inc. (NYSE: MSM), Melville, NY, reported sales for the fiscal 2017 first quarter ended Dec. 3 of $686.3 million, a decrease of 2.9 percent compared to the same period a year ago. Profit during the quarter was $54.1 million, a decrease of 1.7 percent compared to the same period a year ago.

"While the demand environment remained difficult in our first quarter and pricing remained soft, we saw a better than expected November," said President and CEO Erik Gershwind. "As we moved into December, the start of our fiscal second quarter, we saw growth in sales, as well as improvement across all of our customer types and a higher mix of machinery, machine tool accessories, tool holders, and tooling package orders. These capital-related sales have historically increased when customers are more optimistic about investing in their businesses."

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