Global Industrial Company (NYSE: GIC), a value-added MRO distributor, announced its second-quarter sales were $318 million, a 16.9% increase from the prior-year period. Net income was $22.8 million.
“Second-quarter performance reflects the continued implementation of our ACE strategy and strong execution by the Global Industrial team. Revenue reached a quarterly record of $318 million, growing nearly 17%, with solid demand throughout the quarter. Gross margin remains healthy but pulled back from the record performance in the first quarter of the year, reflecting the impact of freight-fuel surcharges, select promotional activities, as well as the flow through of some higher cost inventory,” Global Industrial Company CEO Barry Litwin said.
Ian Heller is the Founder and Chief Strategist for Distribution Strategy Group. He has more than 30 years of experience executing marketing and e-business strategy in the wholesale distribution industry, starting as a truck unloader at a Grainger branch while in college. He’s since held executive roles at GE Capital, Corporate Express, Newark Electronics and HD Supply. Ian has written and spoken extensively on the impact of digital disruption on distributors, and would love to start that conversation with you, your team or group. Reach out today at email@example.com.