Global Industrial Company (NYSE:GIC) announced sales for the third quarter ended Sept. 30, 2023, of $354.6 million, up 18.8% from the prior-year period.
Profit was $20.7 million.
Year-to-date, sales were $954.2 million, up 5.3%.
“Third-quarter revenue increased 18.8%, as we benefited from a return to organic revenue growth and the addition of Indoff for the full period,” Barry Litwin, CEO, said. “On an organic basis, revenue improved 3.2% driven by volume improvement, which more than offset continued price headwinds. Top-line performance was once again led by our ecommerce channel, as recent investments and actions to drive digital transformation and enhance the online shopping experience are delivering returns. Gross margin was 32.8% and primarily reflects the inclusion of Indoff’s lower margin profile. During the quarter, we further normalized our inventory position, generated strong cash flow from operations and fully paid off the outstanding balance on the credit facility.”