Global Industrial Sales Up 12.6% in 2Q - Modern Distribution Management

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Global Industrial Sales Up 12.6% in 2Q

Global Industrial Co. reported profit grew 37.9% to $21.1 million as the company another strong period.
Global Industrial

Global Industrial Co. (NYSE: GIC), the Port Washington, New York-based parent of Global Industrial, reported second-quarter sales of $272.6 million, up 12.6% from the same period the previous year. The company reported profit of $21.1 million, up 37.9% from the second quarter of 2020.

“We delivered a strong second quarter performance on both the top and bottom line,” said CEO Barry Litwin. “Revenue increased double-digits for the fourth consecutive quarter. Customer demand was healthy throughout the quarter, with solid performance across core categories, and within Global Industrial branded products. We were very pleased with profitability as we delivered gross margin gains on both a year over year and sequential basis, reflecting continued execution on our Accelerating the Customer Experience (ACE) strategy, completion of the transition to a new third-party logistic partner and proactive efforts to mitigate supply chain pressures which remain elevated.”

For the first six months, the company reported sales of $523.7.1 million, up 11.6% from the same period of 2020. Profit grew 12.7% to $26.6 million.

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