Global Industrial Posts Record Q2 Sales

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Global Industrial Co. reported higher sales and profits in its latest fiscal quarter, although the Long Island distributor’s gross margin dropped compared to the same quarter last year.

The company said net sales rose 16.8%, climbing from $272.6 million in the previous second quarter to a record $318.5 million between April and June.

Global’s gross profit rose from $98 million to $113 million over that span. Its gross margin, however, slipped from 36% to 35.5%, which company executives attributed to freight fuel surcharges, some higher-cost inventory, and select promotional activities. Its operating margin climbed from 9.1% to 9.6% in the latest quarter.

The company said operating income from continuing operations rose from $24.7 million to $30.5 million, while net income from continuing operations edged up from $21.1 million to $22.6 million.

Global CEO Barry Litwin said the results reflected solid demand during the quarter.

"We continue to make progress on key digital innovation, sales, marketing, customer and logistics initiatives, highlighted by the initial phased rollout of our new e-commerce platform,” Litwin said. 

“We remain well-positioned to drive bottom-line performance and value for all our stakeholders over the long-term,” he added.

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