Sales by Heating, Air-conditioning & Refrigeration Distributors International (HARDI) distributors declined by 6.4% percent during June 2023, according to HARDI’s monthly trends report. The month continued a steady decline in member revenue growth that began in November 2022.
The annual sales growth for the 12 months through June 2023 was 6.3% percent.
“We have sales declines during two of the first three months of cooling season versus the boom times of 2022,” said HARDI Macroeconomic & Residential Market Analyst Brian Loftus. “The weather has not helped. Cooling degree days were off by -22% in April, by -41% in May, and then by -23% during June.”
The Days Sales Outstanding, a measure of how quickly customers pay their bills, was at 39 days during June. The DSO was 39 during June of 2021, June of 2022, and June of 2023.
“Distributor sales growth is slowing but customers are not showing any strain,” Loftus said.
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