Sometimes slow and steady wins the race.

Grainger reported sales, including fasteners, increased 3.5% to $4.2 billion amid “slow, but steady” demand in the opening quarter of 2024. On a daily, organic constant currency basis, sales rose 4.9%.

In the High-Touch Solutions - N.A. segment, daily sales gained 3.4%, with growth in all geographies.

In the Endless Assortment segment, daily sales improved 3.7%, or 10% on a daily, constant currency basis. Revenue growth for the segment was driven by core customers at Zoro and enterprise customers at MonotaRO, partially offset by the continued decrease in non-core Zoro customers.

Gross profit margin dropped 50 basis points to 39.4%.

Operating earnings slipped 1.6% to $669 million, with operating margin falling 80 basis points to 15.8% amid continued investment to drive growth. Web: grainger.com