Chicago-based industrial distributor Grainger (NYSE: GWW) reported 2022 first-quarter sales of $3.6 billion, an 18.2% increase over the same period last year. The company also posted operating earnings of $534 million, up 49.2% over 1Q 2021.
Grainger said growth was driven by strong performance in both the High-Touch Solutions N.A. and Endless Assortment segments.
“The Grainger team performed extremely well in the first quarter, with strong financial results supported by a robust demand environment. We continued to execute against our key growth initiatives, drive operational excellence and strengthen our culture,” said DG Macpherson, chairman and CEO. “Despite the ongoing inflationary and supply chain challenges, we are well positioned for a successful year.”
Gross margin for the for 1Q 2022 was 37.9%, a 245 basis point increase compared to the first quarter of 2021 due primarily to lapping the prior year pandemic product inventory adjustment as well as favorable product and customer mix, Grainger said.