Sherwin-Williams increases paint sales

The Sherwin-Williams Company reported that it increased its paint sales in North America in the first quarter of 2020, as the region faced the COVID-19 pandemic.

Compared to the same period in 2019, the company‘s consolidated net sales increased 2.6% yoy to $ 4.15 billion.

The increase in the quarter was primarily due to higher architectural paint sales volume in North American stores and increased sales in the Packaging and Coil divisions within its Performance Coatings Group in all regions.

Meanwhile, this was partially offset by the impacts of COVID-19, the continued softness of demand in some end markets outside the United States, and unfavorable changes in the currency conversion rate.

The estimated impact of COVID-19 on Sherwin-Williams consolidated net sales during the quarter was around 1.5 percent.

Changes in the currency conversion rate decreased consolidated net sales 1.4% in the first quarter.

Sherwin-Williams and the Continent

Net sales in the Americas Group increased 7.0% to $ 2.31 billion in the quarter, primarily due to higher sales of architectural paint in all end markets in North American stores, partially offset by unfavorable changes in the currency conversion rate.

Changes in the currency conversion rate decreased the Group’s net sales 1.1% in the first quarter.

At the same time, net store sales open for more than 12 calendar months in the United States and Canada increased 7.4% in the quarter from the first quarter of last year.

Segment profit increased 57.2 million to $ 388.3 million in the quarter mainly due to higher paint sales volume. Segment earnings as a percentage of net sales in the quarter increased to 16.8% compared to 15.4% in the first quarter of last year.