Content area
Full Text
Grainger - No. 3 on Industrial Distribution's 2015 Big 50 List - reported its 2015 fourth quarter and year end earnings on Tuesday for the period ending Dec. 31.
The company posted Q4 sales of $2.48 billion, down 1.3 percent year-over-year, narrowly beating analysts' expectations of $2.47 billion. Q3 sales were $2.53 billion. Meanwhile, Grainger's profit of $145.2 million was a 2.4 percent yearly decrease from last year. Q3's profit was $192.2 million.
As expected, the company attributed the sales and profit declines to ongoing foreign exchange headwinds, low oil prices, and lower pricing.
In its Q4 earnings release podcast, Grainger stated that it plans to close 55 branches in 2016 as it continues to adjust...