Financial News


August 10, 2005

● The Sherwin-Williams Company announced its financial results
for the first quarter ended March 31, 2002. Consolidated
net sales for the quarter decreased 0.8 percent to $1.15
billion from $1.16 billion in the first quarter of 2001. Poor
economic conditions in South America, weakening currency
exchange rates in Argentina and Brazil and a continuing
sluggish domestic industrial sector impacted sales,
according to the company.
Net sales in the paint stores segment rose 0.4 percent to
$695.9 million in the first quarter, up from $693.4 million
in 2001. Strong architectural paint sales were partially
offset by weak industrial maintenance and product finishes
sales, according to the company. The paint stores
segment operating profit for the first quarter declined
$6.8 million from last year to $40.1 million in 2002. This
decrease was a result of costs incurred to launch a new
color system, including an exclusive color palette by
Martha Stewart. The company opened 10 new stores in
the first quarter.
First quarter net sales in the consumer segment
increased 0.3 percent to $278 million in 2002. The automotive
finishes segment’s net sales decreased 3.7% to
$111.6 million in the first quarter from $115.8 million in
the same period last year.
Net sales in the international coatings segment were
$62.4 million in the first quarter 2002, compared to $69.5
million a year ago. According to the company, this
decrease was a result of unfavorable currency exchange
rates in the Brazilian real and Argentine peso. Excluding
the effects of currency exchange fluctuations relative to
last year, net sales for the segment increased 2.6% for the
first quarter 2002 and gallon sales were up slightly,
according to the company.