Sherwin-Williams Reports Net Sales Increase of 9.3% for 2014
CLEVELAND - The Sherwin-Williams Co. announced its financial results for the year and fourth quarter ended December 31, 2014. Compared to the same periods in 2013, consolidated net sales increased $944.0 million, or 9.3%, to $11.13 billion in the year due primarily to higher paint sales volume in the company’s Paint Stores Group and acquisitions. Consolidated net sales increased $112.4 million, or 4.6%, to $2.57 billion in the quarter due primarily to higher paint sales volume in the company’s Paint Stores Group. Acquisitions increased consolidated net sales 3.1% in the year and had no impact on sales in the quarter. Unfavorable currency translation rate changes decreased consolidated net sales 1.4% in the year and 2.3% in the quarter.
Net sales in the Paint Stores Group increased 14.2% to $6.85 billion in the year and increased 8.0% to $1.58 billion in the quarter due primarily to higher architectural paint sales volume across all end market segments. Acquisitions increased net sales 4.5% in the year. Net sales from stores open for more than 12 calendar months increased 8.8% in the year and 7.5% in the quarter over last year's comparable periods. Paint Stores Group segment profit increased to $1.20 billion in the year from $990.5 million last year due primarily to higher paint sales volume partially offset by the loss from acquisitions. Segment profit increased to $247.5 million in the quarter from $168.5 million last year due primarily to higher paint sales volume. Acquisitions had an unfavorable impact on segment profit of $32.3 million in the year. Segment profit as a percent to net sales increased in the year to 17.5% from 16.5% in 2013 and increased in the quarter to 15.6% from 11.5% last year.