Sherwin-Williams sales decline

Net income holds steady for the paint giant, which also plans to appeal a jury verdict to the Mississippi Supreme Court.

Cleveland-based Sherwin-Williams Co. posted net sales of $1.997 billion in the third quarter ended Sept. 30, down 12% from the same period last year. Net sales in the Paint Stores Group decreased 13.5% to $1.221 billion in the quarter.

Net income declined only slightly to $175.2 million, down 1.1%.

"While we remain disappointed with our sales, we are pleased with our earnings performance in the quarter resulting from the actions that have taken place within our operating segments to control costs, improve efficiencies, and maintain superior customer service," said Christopher Connor, chairman and CEO.

The company also reported that the it will file its notice of appeal with the Mississippi Supreme Court regarding a personal injury suit that led to the awarding of $7 million in damages to a single plaintiff.  The appeal will be filed by Nov. 14, and the process will probably take 15 to 24 months, according to Connor.