Stanley B&D sales dip in Q2
Stanley Black & Decker (SWK), reported that revenue fell in the second quarter of 2023 versus prior year due to lower consumer outdoor and DIY volume.
“While the operating backdrop remains dynamic with some underlying consumer softness, we continue to see strong demand in the professional construction, automotive and aerospace markets as well as further stabilization across global supply chains,” said Donald Allan, Jr., Stanley Black & Decker’s president and CEO.
The New Britain, Connecticut company reported Q2 revenue down 5% to $4.2 billion over $4.4 billion in the same quarter last year. Gross margin for the quarter was 22.4%.
In Q2 segments, the company reported Tools & Outdoor net sales was $3.54 billion, and Industrial net sales was $617 million.
The Bottom Line: Stanley Black & Decker sales fell 5% to $4.2 billion for Q2 2023.
What the CEO said: “As we’ve transformed Stanley Black & Decker into a more streamlined business, we are operating with more focus and core market leadership positions in Tools & Outdoor and Industrial, built on the strength of our people and culture.
“The compelling long-term opportunities in the markets we serve along with the progress we’ve made transforming our business, including our improved cost position, gives us the confidence to pursue growth investments in the second half of this year,” said Allan.
Company info: Click HERE to read the 2023 Q2 financial report from Stanley Black & Decker.
