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Sherwin-Williams sees sales rise

Q1 sales increases driven by Paint Stores Group, says CEO.
4/25/2023
Sherwin-Williams 2023 Q1 imagery

Sherwin-Williams (SHW), based in Cleveland, reported Q1 consolidated net sales increased 8.9% in the quarter to $5.44 billion from $5 billion in the previous year’s first quarter.

John G. Morikis, chairman and CEO, said, in the Paint Stores Group, sales in all end markets were up double-digit percentages, driven by strong volume and led by protective and marine, property maintenance, commercial and residential repaint.”

Also, he said, “in the Consumer Brands Group, North America DIY sales remained soft, while our Pros Who Paint business was up by a double-digit percentage.”

In the Q1 Paint Stores Group segment, net sales increased 14.8% to $2.86 billion, and profit increased 22.8% to $527 million. The company said this was due primarily to higher sales volumes across all end markets and selling price increases.

In other Q1 segments, The Consumer Brands Group segment net sales increased 2.4% to $873 million. The Performance Coatings Group segment net sales increases 3.4% to $1.71 billion.

The Bottom Line: Sherwin-Williams sales for Q1 moved ahead nearly 9% company-wide to more than $5.4 billion.

What the CEO said:We delivered strong results in the first quarter, with higher-than-expected consolidated net sales, sequential and year-over-year expansion in gross margin, and double-digit percentage growth in diluted net income per share and EBITDA,said Morikis.

Company info: Click HERE to read the Q1 2023 financial report from Sherwin-Williams.

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