MSC Industrial to Close 73 Branches, Eliminate 115 Jobs With these cost-cutting moves, the industrial distributor aims to save $15 million to $18 million annually beginning in fiscal 2022. Author
Industrial distributor MSC Industrial Supply Co. (NYSE: MSM), Melville, New York, and Davidson, North Carolina, this week said it will permanently close 73 branch offices, which have been temporarily closed due to COVID-19, and eliminate 115 jobs.
MSC said the “sales associates who previously worked in these offices will continue to work remotely through virtual customer care hubs to maintain customer relationships and personalized service in local markets. Included as part of this plan is the reduction of roughly 115 management and other positions within the commercial sales organization that interact infrequently with customers.”
MSC Reports Fiscal 2021 First Quarter Results
News provided by
Share this article
FISCAL Q1 2021 HIGHLIGHTS
Net sales of $771.9 million, a 6.3% YoY decrease
Operating income of $53.9 million, or $84.6 million excluding a $26.7 million impairment charge and $4 million in restructuring and other related costs
1
1
Adjusted diluted EPS of $1.10 vs. $1.21 in the prior year
1
Declared special cash dividend of $3.50 per share on November 17, 2020
MSC INDUSTRIAL SUPPLY CO. (NYSE: MSM), MSC or the Company , a premier distributor of Metalworking and Maintenance, Repair and Operations ( MRO ) products and services to industrial customers throughout North America, today reported financial results for its fiscal 2021 first quarter ended November 28, 2020.
MSC s December Growth a Welcomed Sign of Market Recovery
MSC s September-November sales fell 6 percent over-over-year despite major safety & janitorial gains, but momentum built through the end of 2020.
Jan 6th, 2021
Metalworking and MRO products distributor MSC Industrial Supply kicked off the first quarterly earnings reporting period for industrial distributors on Wednesday, and its results hint that market conditions continue to improve, but are still pre-pandemic levels.
For its 2021 first quarter that ended Nov. 28, 2020, MSC reported total sales of $772 million, down 6.3 percent year-over-year overall, with average daily sales down by that same amount. Sequentially, that compares with Q4 2020 sales of $748 million that were down 11.3 percent overall and down 12.7 percent on an average daily basis.