LAKE FOREST, IL — JanSan distributor W.W. Grainger Inc. recently reported an 18 percent decline in second-quarter profits compared to the year-ago quarter, according to a press release.
Net earnings for the quarter were $90.32 million, lower than the $110.55 million from the second quarter of fiscal year 2008, the story stated.
Quarterly net sales, which declined 13 percent from $1.76 billion in the year-ago quarter to $1.53 billion, narrowly beat Wall Street analysts'' estimates of $1.52 billion, the story noted.
Jim Ryan, chairman and chief executive officer (CEO) of Grainger, said: "Although the economy remains a challenge, we are pleased with our results for the second quarter of 2009. We continue to focus on the things we can control, and we''re selectively investing for growth. We have not seen an indication of an economic turnaround at this point but our results indicate that we are gaining market share during this recession. We are in a great position to grow when the economy eventually recovers."
The company noted that sales of products related to the H1N1 influenza (swine flu) virus contributed less than one percent of sales for the quarter, the story added.
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