Global Industrial Company (NYSE: GIC), Port Washington, N.Y., a value-added distributor, reported sales for its fiscal first quarter of 2023 were $273.8 million, down 5.1% from the prior-year period.
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Net income for the quarter was $13.3 million, down 39% from the prior-year period.
“First-quarter performance reflects a continuation of the recent demand environment,” said Barry Litwin, CEO. “We recorded strong growth from our largest accounts in the quarter, and customer retention continued to be healthy. However, our core small and medium business customer base remained cautious with their purchasing behavior. We were very pleased with gross margin performance of 35.9%, and product margin trends improved as we moved through the quarter benefiting from lower total landing costs.”
