Grainger Q1 profits down on higher sales

CHICAGO — Grainger saw profits fall significantly year-over-year in the first quarter, even as total sales rose 3% to $2.5 billion compared to the same time last year. On a daily basis, sales in the quarter increased 1% versus the prior year. Net earnings for the quarter of $187 million were down 12% from $211 million in 2015.  Earnings per share of $2.98 declined 3% relative to $3.07 in 2015. In announcing the results, the company also narrowed its 2016 sales and earnings per share guidance for the year and now expects sales growth of 0-6% and earnings per share of $11.00 to $12.80.