In the first quarter Sherwin-Williams’ net sales increased $280.8 million, or 15.1 percent, to $2.14 billion in the due primarily to higher paint sales volume and selling price increases. Net sales in the Paint Stores Group increased 20.9 percent to $1.12 billion in the quarter. Paint Stores Group segment profit increased $43.9 million to $112.7 million in the quarter from $68.9 million last year. Net sales of the Consumer Group increased 8.6 percent to $320.4 million and segment profit increased to $55.3 million in the quarter from $41.1 million last year. The Global Finishes Group’s net sales stated in U.S. dollars increased 11 percent to $483.1 million. Segment profit increased in the quarter to $28.6 million from $19.4 million last year. The Latin America Coatings Group’s net sales increased 7.1 percent to $208.6 million while segment profit increased to $19.9 million in the quarter from $17.4 million last year.
“We are pleased to report record sales and earnings per share in the first quarter on strong sales and operating results of our Paint Stores Group and operating profit increases across the remaining operating segments,” said Sherwin’s chairman and chief executive, Christopher Connor. “All our operating segments grew sales volume and operating profit as a percent to sales in the quarter. The Paint Stores Group volume growth was strong across all end market segments. Our Consumer Group improved their operating results through disciplined cost control and selling price increases. Our Global Finishes and Latin America Coatings Groups increased paint sales volume and continued improving operating profit as a percent to sales. We continued to invest in our business by opening five net new locations in the Paint Stores Group. For the year, we expect our Paint Stores Group to open 60 to 65 new stores.”
In the second quarter of 2012, Sherwin-Williams anticipates its consolidated net sales will increase ten to fifteen percent compared to the second quarter of 2011 said Connar. For the full year 2012, it expects consolidated net sales to increase above 2011 levels by a high single digit-to-low-teens percentage.