Global Industrial Sales Jump 18.8% on Indoff, Organic Growth - Modern Distribution Management

Log In

Global Industrial Sales Jump 18.8% on Indoff, Organic Growth

The company's Spring 2023 acquisition of office products distributor Indoff powered most of the growth, while volume also improved.
Global Industrial shelf

Global Industrial Company reported its 2023 third quarter financial results on Oct. 31, showing a return to organic growth after two straight quarters of declines, and continued benefits of the distributor’s spring acquisition of office supplies provider Indoff.

Port Washington, New York-based GIC — No. 26 on MDM’s 2023 Top Industrial Distributors List and No. 12 for MRO Distributors — posted 3Q total sales of $355 million, up 18.8% year-over-year. The company’s $69 million acquisition of Indoff drove the vast majority of the increase, as sales increased 3.2% excluding Indoff. Company CEO Barry Litwin said the revenue increase was driven by volume improvement, which more than offset continued price headwinds.

Premium: How Global Industrial Became a Distribution Outperformer (Oct. 30)

In 2Q23, total sales increased 2.3% year-over-year, and declined 5.2% excluding Indoff. That deal was GIC’s first acquisition in eight years.

Global Industrial’s 3Q gross margin fell 290 basis points year-over-year to 32.8%. Excluding Indoff, gross margin of 34.5% was down 120 bps, as GIC noted Indoff’s lower margin profile.

Global Industrial’s 3Q operating profit and margin were $28.2 million and 8.0%, compared to $27.5 million and 9.2% a year earlier. Excluding Indoff, 3Q operating profit of $25.7 million fell 6.5% year-over-year. 2Q’s operating profit was $29 million.

The company had a 3Q net profit of $20.7 million, in line with the $20.2 million of a year earlier and $21.5 million in 2Q23.

“Top-line performance was once again led by our eCommerce channel, as recent investments and actions to drive digital transformation and enhance the online shopping experience are delivering returns,” GIC Chief Executive Barry Litwin said in a news release. “During the quarter, we further normalized our inventory position, generated strong cash flow from operations and fully paid off the outstanding balance on the credit facility.”

GIC added that, as of Sept. 30, the company had a total working capital of $142.9 million, cash and equivalents of $34.3 million and credit facility excess of $109 million.

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.