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MSC Industrial Sales Up 16.5% in Second Quarter

Year-over-year profit for the second quarter increased 21 percent.

MSC Industrial Direct Co., Inc. (NYSE: MSM), Melville, NY, reported sales for its second quarter ended Feb. 25, 2012, were $563 million, up 16.5 percent over the same period a year ago. Profit increased 20.9 percent to $60.1 million.

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For the first six months of fiscal 2012, sales were $1.11 billion, up 15.9 percent year-over-year. Profit increased 23.4 percent to $119.9 million.

\”Our strong top and bottom-line performance in the second quarter was driven by the success of our growth initiatives, including the growth of our highly customized vending program and recent acquisitions,\” said Erik Gershwind, president and COO.

Based on current market conditions, for the fiscal 2012 third quarter the company expects net sales to be between $610 million and $622 million, and expects diluted earnings per share for the third quarter of fiscal 2012 to be between $1.08 and $1.12. This guidance primarily reflects continued growth in the Company’s core business, expected cyclical increases in product costs, dilution from our recent acquisition and planned increases in investment spending.

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