Grainger Reports First Quarter Results
Grainger, Chicago, IL, reported sales for the first quarter ended March 31, 2006 were $1.4 billion, up 6 percent over the prior year's first quarter. Net earnings for the quarter increased 18 percent to $86.2 million, as compared to $72.8 million in the 2005 first quarter. For the first time, the company split out its Canadian business, Acklands-Grainger, which reported sales for the quarter of $139 million were up 19 percent versus the 2005 first quarter, 12 percent in Canadian currency. In its Branch-based segment, the company's decision to wind-down its integrated supply and automotive-related contracts resulted in a 3 percentage point reduction in the segment's sales growth.
In January, Grainger successfully implemented the U.S. ...