Essendant Inc. (NASDAQ: ESND), Deerfield, IL, reported second quarter sales of $1.4 billion, up 0.9 percent year-over-year. Profit fell to $12.9 million from $29.8 million a year ago.
During the second quarter, automotive sales increased 25.9 percent and office products grew 0.6 percent. Jan-san sales fell 0.9 percent, and industrial sales declined 4.1 percent.
"In light of the challenges we faced in the quarter and our reduced outlook for the balance of the year, we are accelerating efforts to advance our strategy, improve margins and reduce costs," said Robert Aiken Jr., president and CEO. "We plan to execute these actions while reducing our inventory levels over the balance of the year to improve the company's return on investment."
Those strategic plans includes further simplification of the organization and reduction of the company's distribution center footprint.
Year-to-date, sales were $2.7 billion, up 1.2 percent year-over-year. Profit grew 24 percent to $29.5 million.
