Grainger, Chicago, IL, reported first quarter sales of $1.5 billion, down 12% from first quarter 2008. Profit decreased 16% to $96 million.
As part of cost reduction plans announced in February, the company reduced headcount by 200 employees and incurred severance expense of $5 million in the first quarter. The company is on track to meet headcount reductions of 300-400 this year.
"Businesses and institutions have responded to the recession by buying less and looking for ways to improve productivity. We are in a great position to help our customers become more efficient by consolidating their supplier base using our expanded product line especially in these challenging times," said Jim Ryan, president and CEO. "We do not believe that we’ve seen …
Grainger Posts Double-Digit Drop in 1Q Sales, Profit
Grainger, Chicago, IL, reported first quarter sales of $1.5 billion, down 12% from first quarter 2008. Profit decreased 16% to $96 million.
As part of cost reduction plans announced in February, the company reduced headcount by 200 employees and incurred severance expense of $5 million in the first quarter. The company is on track to meet headcount reductions of 300-400 this year.
"Businesses and institutions have responded to the recession by buying less and looking for ways to improve productivity. We are in a great position to help our customers become more efficient by consolidating their supplier base using our expanded product line especially in these challenging times," said Jim Ryan, president and CEO. "We do not believe that we’ve seen …
Share this article
Log In
Read the latest articles and see your reports.
Popular Now
MDM Directories
Sign Up for the MDM Update Newsletter
The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.
