Grainger Reports Results for the Second Quarter 2022
Sales on a reported and daily basis in the quarter increased 19.6% as compared to the second quarter of 2021. Excluding the unfavorable foreign exchange impact of 2.4%, sales on a daily, constant currency basis were up 22.0% compared to the second quarter of 2021. Gross profit margin for the second quarter of 2022 was 37.6%, a 255 basis point increase compared to the second quarter of 2021. The increase was driven by favorability in both segments and includes the lap of a $63 million pandemic product inventory adjustment in the prior year period within the High-Touch Solution N.A. segment. Operating earnings for the second quarter of 2022 of $534 million were up 60% versus the second quarter of 2021. Operating margin in the quarter of 13.9% increased 350 basis points over the second quarter of 2021 on stronger gross margins in both segments combined with 95 basis points of SG&A leverage gained on strong top-line growth.