Posted July 26, 2011
United Stationers posts 2.9% sales gain
United Stationers said its second quarter net sales were up 2.9% to $1.26 billion compared with $1.22 billion in the prior-year quarter.
Net income was $24.8 million compared with $27.0 million in the prior-year quarter. Diluted earnings per share were 54 cents versus 55 cents in the prior-year quarter.
Strong growth was seen in the industrial supplies category with sales up 20.5%. Janitorial/break room sales grew 11.5%, while office products achieved 4.4% growth. These were partially offset by a 5.8% decline in the technology category and a 3.9% decline in the furniture category.
"While we experienced strong results from our growth strategies, we felt the same economic headwinds, including lingering unemployment, as many others and saw a deceleration in our overall growth rate during the quarter," said Cody Phipps, president and chief executive officer.
Sales in the first half of 2011 were $2.49 billion, up 4.2% compared with the prior-year period. This was led by a 23% increase in industrial supplies, a 9.5% increase in janitorial/breakroom, and a 3.9% increase in office products, which were partially offset by lower furniture sales of 2.4% and lower technology sales of 1.3%.
