Core & Main (NYSE: CNM), St. Louis-based distributor of water, wastewater, storm drainage and fire protection products and services, reported sales for the quarter ended July 28, 2024 were $1.96 billion, up 5.5% from the prior-year period.
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Profit for the quarter was $126 million, down 23.2% from a year ago.
Year-to-date sales were $3.7 billion, an increase of 7.9% from 2023, while profit dropped by 23.6% to $227 million.
“Despite the challenging weather and market conditions, our meter initiative continues to outpace the growth of our end markets, highlighted by the 48% growth we achieved this quarter,” said Steve LeClair, Core & Main’s chair and CEO. “Pricing and gross margins were in line with our expectations, with our gross margin initiatives delivering outstanding results to partially offset the impact of higher inventory costs.
Core & Main made five acquisitions during and shortly after the quarter, adding to the company’s 350 locations and 5,500 associates across the country.
