Global Industrial Company (NYSE: GIC), a value-added distributor, reported its sales for its fiscal 2023 second quarter were $325.8 million, up 2.3% from the prior-year period. Net income for the quarter was $29.1 million, down 4.6% from the prior-year period.
Global Industrial also reported sales for its first six months, which ended June 30, 2023, were $599.6 million, down 1.2% from the prior-year period. Net income for the first six months was $46.9 million, down 21.8% from the previous year’s first six months.
“We had a very productive second quarter as we continued to execute on our ACE strategy, made further investments in growth initiatives and completed the strategic acquisition of Indoff in late May,” said Barry Litwin, CEO. “Total revenue benefited from the inclusion of Indoff, while organic performance reflects price deflation and a continuation of the cautious purchasing behavior within our small and medium business customer base’s manufacturing sector.”