MSC Industrial Direct Co. Reports Q12011 Sales of $472.8M

MSC INDUSTRIAL DIRECT CO., INC. MSM today reported financial results for its first quarter ended November 27, 2010. For the fiscal 2011 first quarter, net sales rose 22.9% to $472.8 million, compared with $384.8 million in the prior year period. Operating income increased 51.2% in the fiscal 2011 first quarter to $77.2 million, or 16.3% of net sales, compared with $51.0 million, or 13.3% of net sales, in the prior year period. For the first quarter of fiscal 2011, the Company reported net income of $47.6 million, an increase of 51.4% over net income of $31.4 million in the first quarter of fiscal 2010. Diluted earnings per share in the fiscal 2011 first quarter were $0.75 (based on 62.8 million diluted shares outstanding), compared to $0.50 (based on 62.7 million diluted shares outstanding) in the same period a year ago, an increase of 50.0%.