The 2020 Mid-Year Economic Update_long

MSC Industrial’s Sales Dip 9.7% in August

The industrial distributor MSC Industrial said preliminary fiscal fourth-quarter sales were down 12.7% and fiscal full-year sales were down 5.1%.
MSC Industrial office building

Industrial distributor MSC Industrial Supply Co. (NYSE: MSM), Melville, New York, reported sales for the fiscal month of August — the third month of the company’s fiscal fourth quarter — were $240.3 million, a decrease of 9.7% compared to the same period in the prior fiscal year.

MSC Industrial said that during fiscal August: “Average daily sales improved slightly in comparison to fiscal July, reflecting continued month-over-month improvement in manufacturing activity. Average daily sales of non-safety and non-janitorial products also improved sequentially from fiscal July, while average daily sales of safety and janitorial products remained stable month-over-month. On a year-over-year basis, fiscal August average daily sales of non-safety and non-janitorial lines declined in the mid-teens, while average daily sales of safety and janitorial lines grew in the twenty percent range. These results reflect the continuing impact of COVID-19 and significant year-over-year declines in manufacturing activity. The Company’s gross margins are performing roughly as expected, inclusive of the seasonal contraction typical of the fiscal fourth quarter.”

MSC also reported preliminary, unaudited sales for the fiscal fourth quarter were $747.7 million, a decrease of 12.7% compared to the same period in the prior fiscal year. And net sales for the fiscal year ended August 29 were $3.2 billion, a decrease of 5.1% compared to the prior fiscal year.

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