MSC Industrial Supply Co. (NYSE: MSM), Melville, NY, and Davidson, NC, reported sales for the fiscal third quarter ended May 28, 2016, of $727.5 million, down 2.4 percent over the same period a year ago. Profit increased 2.3 percent to $64.8 million.
Fiscal year-to-date, sales were $2.1 billion, down 3 percent year-over-year. Profit fell 1.7 percent to $169.4 million.
"The challenging economic environment grew even more difficult through our third quarter and, as a result, sales were at the lower end of our guidance," said Erik Gershwind, president and CEO. "We did, however, continue to gain share, which, when coupled with strong execution on gross margin countermeasures and cost reduction initiatives, helped to offset economic headwinds."
Based on current market conditions, the company expects net sales for the fiscal 2016 fourth quarter to be between $730 million and $742 million. At the midpoint, average daily sales are expected to decline approximately 5 percent.
