Group reports strong 2Q
Sherwin-Williams has announced its financial results for the second quarter and first six months ended June 30, 2008. Compared to the same periods in 2007, consolidated net sales increased $31.4 million, or 1.4%, to $2.230 billion in the quarter and $56.9 million, or 1.4%, to $4.011 billion in the first six months due to strong sales by the Global Group and acquisitions. Seven acquisitions completed after the second quarter of 2007 increased consolidated net sales 2.4% in the quarter and 2.5% in the first six months.
Net sales in the Paint Stores Group decreased $10.4 million, or 0.8%, to $1.355 billion in the quarter and $30.2 million, or 1.2%, to $2.386 billion in the first six months due primarily to soft domestic architectural paint sales in the new residential, residential repaint, DIY and commercial markets as well as weak sales in non-paint categories. Acquisitions added 2.6% to this Group's net sales in the quarter and 2.9% in the first six months.
Net sales of the Consumer Group declined $12.7 million, or 3.2%, to $383.9 million in the quarter and $27.0 million, or 3.9%, to $670.8 million in the first six months. The sales declines were due primarily to soft DIY demand at most of the group's retail customers.
The Global Group's net sales increased $54.6 million, or 12.6%, to $488.9 million in the quarter and $114.3 million, or 13.7%, to $950.8 million in the first six