The 2020 Mid-Year Economic Update_long

United Stationers Sales Fall 5.5% in 2009

Fourth-quarter sales bolstered by jan/san and technology products; industrial sales fell 18%.
United Stationers Inc. (NASDAQ: USTR), Deerfield, IL, reported sales for 2009 declined by 5.5% to $4.7 billion. Profit for the year was $100.9 million.
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For the fourth quarter ended Dec. 31, 2009, sales were $1.2 billion, up 3.3%. Profit for the quarter was $32.8 million.
During the fourth quarter 2009, sales in the technology and janitorial/breakroom product categories grew by 12% and 10%, respectively, while the office products category was up 2%. Continued economic weakness negatively affected sales in the office furniture and industrial supplies categories, which fell 23% and 18%, respectively.
"We set challenging goals for 2009 to manage through the recession and emerge in a strong competitive position," said Richard W. Gochnauer, president and CEO.
"… Business conditions remain mixed as evidenced by continued high U.S. unemployment, recovering industrial production trends and an improving GDP. As a result, we remain cautious as we enter 2010. First quarter revenues to date are up approximately 5%, reflecting easier comparisons and progress on growth initiatives. However, we do not yet see evidence of an improved product mix.


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