Industrial distributor MSC Industrial Supply Co. (NYSE: MSM), Melville, NY, reported sales for the fiscal year ended August 29 of $2.9 billion, up 4.4 percent from the previous year. Profit for the fiscal year decreased 2.1 percent to $231.3 million.
Fourth quarter sales were $727.4 million, flat compared to the same quarter a year ago. Profit for the quarter decreased 6.4 percent to $59 million.
“Our flat fourth quarter sales reflected strong execution in the face of a difficult and deteriorating environment," said Erik Gershwind, president and CEO. "The prolonged impact of the drop in oil prices, the strong US dollar and foreign exchange headwinds are all negatively impacting broader manufacturing activity. We continued our share gains despite these market conditions.”