MSC Industrial Direct Co. (NYSE: MSM), Melville, NY, distributor of Metalworking and MRO supplies to industrial customers, reported sales for the fiscal 2010 first quarter ended Nov. 28, 2009, were $384.8 million, down from $433 million in the prior year, or 12.5%.
 

Profit for the quarter was $31.4 million, down from $45.1 million in the comparable period last year.
 

David Sandler, president and CEO said: “While customers continue to watch spending carefully, average daily sales improved during the quarter. Much of the improvement came from our large accounts, where demand has recovered more quickly than our more traditional customer base. Finally, we continue to implement our strategic investment programs that we anticipate will enhance our sales growth, productivity and profitability as the economy recovers.”
 

The distributor posted sequential average daily sales growth of 12% from fiscal 2009 fourth quarter.
 

“While we are pleased with our performance in the first quarter of fiscal 2010, we continue to operate in a challenging environment with limited visibility," Sandler said. "We are encouraged to see the sales momentum from our first quarter build in the second quarter. However, our margin structure in the near-term will continue to reflect changes in sales and margin mix, the cost of our strategic investment initiatives, restoration of associate compensation and the effects of a highly competitive marketplace.

"We remain convinced that the current market represents the greatest opportunity in our history to take market share and grow. We are confident that our work through the downturn has set the stage for significant revenue and earnings growth over the long term as economic conditions normalize.”
 

MSC Industrial reaches its customers through a combination of 29 million direct-mail catalogs and CD-ROMs, 99 branch sales offices, 947 sales people, the Internet and associations with B2B eCommerce portals.