News

Global Industrial Increases Annual Sales 9%

Global Industrial has reported 2023 fiscal year sales of US$1.27 billion, a 9.3% increase from 2002.

The company attributed the increase to its purchase of Indoff Corp. earlier in 2023. Global Industrial’s full-year net income decreased from $78.8 million to $70.7 million in 2023, which translated to $1.84 per diluted share—down from $2.04 per diluted share in 2022. Operating income from continuing operations slipped from more than $105 million to $96.5 million, while gross profit increased from $421 million to nearly $436 million.

“In 2023, we continued to execute against our ACE strategy. Revenue reached a record $1.27 billion, as we benefited from the acquisition of Indoff, while organic revenue performance reflects the soft start to the year,” said Barry Litwin, Global Industrial CEO. “As we moved through 2023, the demand environment improved, pricing pressures eased, and we delivered solid second half results. In the fourth quarter, we posted our best top line growth of the year as organic revenue improved 5.1%. These gains reflect continued volume improvement and strength in our e-commerce channel. We ended the year with a modest increase in our cash position, even after we fully funded the Indoff acquisition. Given the strong cash flow generation of the business, today we announced a 25% increase in the quarterly recurring dividend, the eighth consecutive annual increase.”

About Global Industrial
Headquartered in Port Washington, New York, Global Industrial is an international distributor of office supplies and janitorial equipment. For more information, visit globalindustrial.com.