Sherwin-Williams boosts profit in Q1

Cleveland – Increased gross profit resulting from a slowing pace in the cost of goods sold helped boost net income at The Sherwin-Williams Co. during the first quarter of fiscal 2015. Net income totaled $131.4 million, up 14% from $115.46 million the same quarter a year earlier.



Net sales grew 3% to $2.45 billion from $2.37 billion, due primarily to higher paint sales volume in the retailer’s Paint Stores and Consumer groups.



Looking ahead, Sherwin-Williams anticipates consolidated net sales for the second quarter will increase 6-8^% on a year-over-year basis. For the full year, Sherwin-Williams expects consolidated net sales to increase a high single digit percentage compared to full year 2014.



“Our Paint Stores group posted another quarter of strong operating results with positive architectural volume growth across all end market segments and good productivity on our selling, general and administrative investments,” said Christopher M. Connor, chairman and CEO. “Consumer group improved its operating results through improved operating efficiencies. The HGTV Home by Sherwin-Williams paint program at Lowe's began shipping late in the quarter and will be in all Lowe's stores by May 1.”