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Sherwin-Williams net income jumps 13% in Q2; 80-90 new stores planned

Cleveland – Higher pretax income and gross profit helped push net income at The Sherwin-Williams Company up 13% in the second quarter of fiscal 2014 to $291 million, from $257 million in the year-ago period.

Net sales rose 12% to $3.04 billion from $2.7 billion, primarily due to higher paint sales volume in the paint stores group and acquisitions.

Sherwin-Williams plans to open 80 to 90 new stores in its paint stores group during fiscal 2014. Consolidated earnings per share and net sales are expected to rise both for the third quarter and full fiscal year 2014.

“We are pleased with the continued strong positive sales and earnings per share momentum,” said Christopher M. O’Connor, chairman and CEO. “Our Paint Stores Group continues to lead with sales volume and operating results. The Paint Stores Group architectural volume growth was strong across all end market segments.”