Grainger earnings miss forecast

LAKE FOREST, Ill. — W.W. Grainger reported this week that Q2 profits plummeted by 21.7%, even as revenues rose by 2% to $2.56 billion. In Canada, revenues at Acklands-Grainger fell by 16% in local currency. “Our Canadian business continued to be affected by low oil prices, the fires in Fort McMurray and unfavorable foreign exchange,” explained Jim Ryan, chairman, president, and CEO. The only good news was in e-retail revenues, which grew by 34% and now represent nearly half the company’s sales.