Lawson Profit Jumps Despite Slower Sales
Lawson Profit Jumps Despite Slower Sales
Jason Sandefur
Lawson Products Inc. reported net sales, including fasteners, decrease 1.3% to $122.9 million during the fourth quarter of 2007, while net income nearly tripled to $4 million.
Full year sales dipped slightly to $509.7 million in 2007, while net income dropped 15% to $10.6 million.
“Our 2007 financial results did not hit our targets, but we believe we made important progress last year,” stated CEO Thomas Neri. “We made significant investments in our sales and operations capabilities.”
Neri said the investments support Lawson’s new strategy of servicing its MRO accounts through a unified sales force. Changes included expanding its Reno distribution center to house inventory from three previously distinct Lawson businesses. The Reno consolidation was completed in Q4. Web: lawsonproducts.com �2008 FastenerNews.com
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