Jonathon Harker
Grainger saw sales rise 2% to $2.6 billion in Q2 2016, however net earnings were down 22% from $221 million to $173 million.
Grainger, owner of Fabory and Cromwell, said a "difficult industrial environment" hit the Q2 performance. The quarter also saw some restructuring in Canada and coping with the fallout from the extreme wildfires in Alberta.
The Q2 financials mentioned the recently acquired Cromwell (bought 1 September 2015), noting a sales performance that included a 4% point contribution. Excluding that acquisition, sales declined 2% thanks to a 1% point fall in volume and a 1% point reduction in value. Overall sales increased 2%, like-for-like. Cromwell's business also contributed to the earnings growth in the quarter (31% points).
