Interline Brands, Inc. (NYSE: IBI), Jacksonville, FL, a distributor and direct marketer of maintenance, repair and operations products, reported sales for 2009 were $1.06 billion, a decrease of 11.4% compared to 2008. Average daily organic sales were down 12.5%. Profit fell 36.1% to $26.1 million.
Sales for the fourth quarter were $254.6 million, a decrease of 8.3% compared to the fourth quarter of 2008. Profit declined 12.9% to $6.31 million.
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Interline’s facilities maintenance end-market, which comprised 71% of sales, declined 3.7% during the fourth quarter on an average daily sales basis. The professional contractor end-market, which comprised 17% of sales, declined 20.2% for the quarter. The specialty distributor end-market, which comprised 12% of sales, declined 15.0% for the quarter. Institutional sales were essentially flat.
\”We believe the worst may now be behind us, but visibility remains low and we anticipate continued variability within our end-markets,\” CEO Michael Grebe said. \”Looking ahead to the first quarter of 2010, we expect the demand environment to remain similar to what we experienced over the past few months.\”