MRO distributor Interline Brands, Inc. (NYSE: IBI), Jacksonville, FL, reported sales for 2010 were $1.09 billion, an increase of 2.6 percent over sales for 2009. Organic sales declined 1.1 percent. Profit increased 6.9 percent to $27.9 million.
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For the fourth quarter ended Dec. 31, 2010, sales were $294.8 million, up 15.8 percent from the same period a year ago. Organic sales increased 0.2 percent. Profit was $1.7 million, compared to year-ago profit of $6.3 million.
\”We have enhanced our scale and breadth by consolidating smaller distribution centers with larger, more efficient regional centers throughout the year,\” said Kenneth D. Sweder, president and COO. \”We remain focused on driving improvements in the offering and value we provide to customers through supply chain enhancements, e-commerce investments and operational initiatives, so that we can enable greater levels of profitability as we grow.\”
Fourth quarter growth was primarily driven by organic sales and recent acquisitions in the jan-san market, which now represents about one-third on Interline’s revenues.
\”Looking ahead to fiscal 2011, we recognize that our markets are stabilizing but still in recovery. We are encouraged by the trends within each of our markets and our January acquisition of Northern Colorado Paper, and we are optimistic about the future potential of our business,\” CEO Michael Grebe said.
