Stanley sees lower sales
Stanley Black & Decker (SWK) reported lower sales for the first quarter with lower segments Tools & Outdoor and Industrial.
“We continue to build momentum and make strong progress towards streamlining and optimizing Stanley Black & Decker,” said Donald Allan Jr., president and CEO at Stanley Black & Decker.
“The organization remains focused on our transformation plan, and we took additional steps forward to better serve our customers and deliver for all key stakeholders by reducing inventory, leveraging enhanced cost controls and optimizing our global supply chain,” said Allan.
The New Britain, Connecticut company reported Q1 revenue of $3.93 billion, down from $4.45 billion in the same quarter last year.
In the Tools & Outdoor segment, net sales were down versus Q1 '22 as price realization up 2% was more than offset by volume down 13% and currency down 2%. In the Industrial segment, net sales were down 5% versus the first quarter last year.
The Bottom Line: Stanley Black & Decker sales fell to under $4 billion for Q1 2023.
What the CEO said: “We have become a more focused company with core market leadership positions in Tools & Outdoor and Industrial. While the near-term demand environment remains dynamic, the long-term opportunity in our key markets remains compelling,” said Allan.
Company info: Click HERE to read the 2023 Q1 financial report from Stanley Black & Decker.
