Applied Industrial Same-Store Sales Down Slightly in 1Q
Applied Industrial Technologies, Cleveland, OH, reported sales for the first quarter ended Sept. 30, 2008, were up 4.9% to $543.9 million. Profit was down to $22.5 million from $24.4 million last year.
Same-store sales in the U.S. were slightly down primarily due to weak housing and automotive markets. These decreases were offset by sales increases from recent acquisitions and by growth in Applied’s Canadian business.
Our sales slowed in the quarter as we saw mixed demand within the industries we serve,” said David L. Pugh, Applied’s CEO. “Housing-related and transportation markets have slowed considerably, while energy-related markets have continued to show strength. Primary metals and food production markets are still strong for us as …
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