Although sales decreased, the full-year gross margin increased by 70 basis points compared to the previous year, reaching 41.2%.
Latest In MSC Industrial Supply Co.
MSC’s current COO, with over 23 years of experience in various sales, marketing and operations, adds president to her role.
Rob Aarnes — President of ADI Global Distribution — joins MSC's board of directors as an independent member.
The company updated corrective actions it's taken in the wake of complexities in MSC's web pricing realignment rollout from earlier this year, which directly weakened sales and profits.
The two companies had combined revenue of just over $20 million in 2023 and have 58 employees.
Unexpected results from the distributor’s pilot phase of a web pricing realignment rollout may serve as a cautionary tale for others to avoid emulating.
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MSC cited complexities in its web pricing realignment rollout as hurting March-May results, alongside weakness in heavy manufacturing.
The company noted that while 2Q sales were disappointing, gross margin improvement stemmed from internal improvements.
Based in Mississauga, metalworking supplies distributor KAR had 2023 sales of about $16 million.
The figures signalled a bumpy period for fellow metalworking and MRO supplies distributors.
MachiningCloud users can now directly purchase tooling from MSC within the MachiningCloud application.
See the top latest accomplishments out of the metalworking and MRO supplies distributor's ESG efforts.
The Melville, New York-based MRO product and service distributor first announced its reclassification plan in June.
“The tone on the ground is one of leveling rather than significant declines,” said MSC CEO Erik Gershwind during a June 29 3Q earning call.
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MRO and metalworking supplies distributor MSC Industrial Supply reported double-digit sales growth for the fifth consecutive quarter.
The company made the decision based on the recommendation of a special committee composed entirely of independent directors.
MRO product and service distributor MSC Industrial Supply Co. added Ryan Mills as the New York-based company's Head of Investor Relations.
The award honors members for their commitment to advancing the development and influence of women in the industrial supply channel.
MSC has agreed to be the exclusive eCommerce distributor for digital software platform MachiningCloud.
Double-digit year-over-year sales and profit gains continued for the distributor, for which eCommerce comprised 62% of quarterly sales.
