Core & Main Sees Modest Dip in February-April Sales & Profit - Modern Distribution Management

Log In

Core & Main Sees Modest Dip in February-April Sales & Profit

Net sales decreased 1.5% over last year, but increased 49.2% compared with the first quarter of fiscal 2021, the company said.
Core & Main

On June 6, St. Louis-based waterworks and industrial supplies distributor Core & Main reported its fiscal 2023 first-quarter earnings, which spanned Feb. 1 through April 30.

The company said fiscal 1Q 2023 net sales decreased 1.5% to $1.57 billion versus 1Q 2022, but increased 49.2% when compared with the first quarter of fiscal 2021.

Gross profit margin increased 160 basis points to 27.9% during 1Q 2023, while net income decreased 2.9% to $133 million.

Core & Main closed three acquisitions during the quarter and signed a “definitive agreement” to acquire another business subsequent to the quarter: Landscape & Construction Supplies, UPSCO, Midwest Pipe Supply and Foster Supply. The company also opened new locations in San Diego, California, and Lincoln, Nebraska.

“First quarter net sales finished in line with our expectations, reflecting a return to more typical seasonality for the first quarter,” said Steve LeClair, CEO of Core & Main. “We had an excellent quarter from a profitability standpoint, with Adjusted EBITDA margin increasing 30 basis points to a new first quarter record of 14.0%. Prices remained elevated against improving supply chains and gross margins outperformed our expectations, offsetting lower sales volume and inflationary cost pressure to deliver a solid Adjusted EBITDA outcome for the quarter.”

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!


articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to, 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
  • 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



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
  • 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.