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Sherwin-Williams recorded net earnings of $202.6 million, up 9.8 percent from $184.6 million last year. The paint and coatings giant had sales of $2.2 billion in the second quarter, up 3.3 percent from $2.13 billion in last year’s second quarter.
“We are encouraged by the positive sales results generated by the paint stores and global groups during the quarter,” said Christopher Connor, chairman and CEO of Sherwin-Williams. “We continued to invest in new stores during the quarter, opening 13 net new stores and acquiring another 131 in our paint stores group.”
Net earnings in the company’s paint stores group were $238.2 million, up 10 percent from $217.2 million last year. Sales at Sherwin-Williams’ paint stores were up 3 percent to $1.37 billion from $1.33 billion last year. Same-store sales were flat in the quarter. The acquisition of M. A. Bruder & Sons of Philadelphia added 131 new stores to the company’s paint stores group and increased the group’s net sales by 1 percent.
Consumer group earnings were $82.6 million, up 8.3 percent from $76.3 million last year. Sales fell 1 percent to $396.6 million from $400.9 million last year. “The sales declines were due primarily to soft DIY demand at most of the group’s retail customers,” the company said.
In the company’s global group, earnings were up 43.7 percent to $48.9 million from $34.03 million last year. Sales in the global group were $434.3 million, up 9 percent from $398.8 million last year. The net sales increases were due primarily to a new product introduction in the United Kingdom, architectural and automotive paint volume gains in South America and improved product finishes sales.
Based in Cleveland, Sherwin-Williams is the ninth largest home channel retailer in the United States with retail sales of $4.84 billion in 2006, according to HCN’s list of top 500 home channel companies.