Core & Main Inc. (NYSE: CNM) announced sales in its fiscal 2022 fourth quarter ended Jan. 29, 2023, were up 10.3% to $1.37 billion, with profit at $84 million.
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The increase in sales was attributed to higher selling prices and acquisitions, offset by a mid-single-digit volume decline.
Sales growth for pipes, valves and fittings, storm drainage products and fire protection products benefited from higher selling prices and acquisitions. Sales of meter products in the fourth quarter benefited from higher volumes due to the growing adoption of smart-meter technology by municipalities and an improving supply chain.
Sales in 2022 were up 32.9% to $6.6 billion; profit for the year was $581 million. The distributor closed eight acquisitions with about $175 million in historical annualized net sales. It also opened three locations last year.
