Drop 13% in first Quarter
Sherwin-Williams’ first quarter sales dropped 13% to $1.551 billion over last year’s first quarter due to weak paint sales. Sales in the paint stores group of $898.4 million in the quarter were 12.9% lower than last year’s first quarter. Paint stores group segment profit decreased to $56.6 million from $83.3 million last year. Segment profit decreased as a percent to net sales to 6.3% from 8.1% last year.
In the consumer group sales increased 0.4% in the quarter to $288.2 million, due primarily to additional sales to existing customers related to new products, according to the company. Segment profit of the consumer group decreased to $30.2 million in the quarter from $42.8 million in 2008. Segment profit decreased as a percent to net sales to 10.5% from 14.9% last year.
The global finishes group’s sales in the quarter decreased 21.5% to $362.5 million. Profit for the global group for the quarter declined to $5.3 million from $43.1 million in last year’s first quarter and decreased as a percent to net sales to 1.5% from 9.3% last year.
“Global paint demand in the architectural, commercial, industrial and marine markets remained soft as the economic downturn we have been experiencing continued and expanded internationally during the first quarter of the year,” said Christopher Connor, chairman and CEO. “For the second quarter, we anticipate that our consolidated net sales will decline nine to twelve percent over last year’s second quarter.