The 2020 Mid-Year Economic Update_long

MSC Industrial’s Sales Dip 12.6% in July

The industrial distributor said fiscal fourth-quarter sales to date (June and July) were down 14% from the year-ago period.
MSC Industrial Supply

Industrial distributor MSC Industrial Supply Co. (NYSE: MSM), Melville, New York, reported preliminary, unaudited sales for the fiscal month of July — the second month of the company’s fiscal fourth quarter — were $233.3 million, a decrease of 12.6% compared to the same period in the prior fiscal year.

MSC Industrial said that during fiscal July, “non-safety and non-janitorial product lines continued to see significant declines versus the prior year due to the impact of COVID-19 and significant declines in manufacturing activity. In particular, industrial customers with exposure to end markets such as aerospace, automotive and heavy equipment were extremely soft. Sales of safety and janitorial lines remained positive for the month in the double-digit growth range. The company’s gross margins are performing as expected, inclusive of the seasonal contraction typical of the fiscal fourth quarter.”

Combined net sales for the fiscal months of June and July (the first two months of the Company’s fiscal fourth quarter) were $507.5 million, a decrease of 14% compared to the same period in the prior fiscal year.

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