The 2020 Mid-Year Economic Update_long

MSC Sales Decrease 3.3% in First Quarter

Profit dips 4.2 percent for company in fiscal 2016 first quarter

MSC Industrial Direct Co. Inc. (NYSE: MSM), Melville, NY, reported sales for the fiscal 2016 first quarter ended Nov. 28, 2015, of $706.8 million, a decrease of 3.3 percent compared to the same period a year ago. Profit during the quarter was $55 million, a decrease of 4.2 percent compared to the same period a year ago.

Our fiscal 2016 first quarter performance reflected continued share gains, sustained gross margin stabilization, and another quarter of strong expense controls in an increasingly challenging market environment," said Erik Gershwind, president and CEO. "Ongoing lower oil prices, the strong US dollar with its negative effect on export demand, and the soft pricing environment driven by low commodity prices all continue to negatively impact broader manufacturing activity."

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