Grainger (NYSE: GWW), Chicago, announced its sales for its fiscal 2022 third quarter were $3.9 billion, up 16.9% from the prior-year period.
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Net income for the third quarter was $426 million, up 43.4% from the prior-year period.
When excluding the foreign exchange impact of 3.4%, constant currency bases were up 20.3% compared to the prior-year period. This helps normalize the significant impact of the depreciating Japanese yen.
In the High-Touch Solutions N.A. segment, daily sales were up 19.4% compared to the prior-year period, due to both strong price realization and continued volume growth across all geographies. Daily sales were up 8.6% compared to the prior-year period in the Endless Assortment segment and were up 23.7% on a daily, constant currency basis.
Revenue growth was driven by strong new customer acquisition and repeat business for the segment, as well as enterprise customer growth at MonotaRO.
Read more: The 5 Growth Engines of Grainger’s High-Touch Solutions Division
Year to date, sales were $11.4 billion, up 24% from the prior-year period. Profit was $760 million.
“The third-quarter performance reflects our focused execution against our long-term strategy and ability to serve customers well in this demanding environment,” said D.G. Macpherson, CEO. “Our teams are driving impressive results across both business segments, and after another quarter of strong performance, we are increasing our 2022 full-year guidance. We remain on track to deliver an exceptional year.”
