CLEVELAND - The Sherwin-Williams Co. announced its financial results for the first quarter ended March 31, 2012. Compared to the same period in 2011, consolidated net sales increased $280.8 million, or 15.1 percent, to $2.14 billion in the quarter due primarily to higher paint sales volume and selling price increases. Unfavorable currency translation rate changes decreased consolidated net sales 1.2 percent in the quarter, while acquisitions added 0.9 percent to consolidated net sales.
Net sales in the Paint Stores Group increased 20.9 percent to $1.12 billion in the quarter due primarily to higher paint sales volume across all end-market segments and selling price increases. Net sales from stores open for more than 12 calendar months increased 20.4 percent in the quarter over last year’s comparable period. The Paint Stores Group segment profit increased $43.9 million to $112.7 million in the quarter from $68.9 million last year. Segment profit in the quarter increased due primarily to higher paint sales volume and selling price increases, partially offset by increases in raw material costs and selling, general and administrative expenses. Segment profit as a percent to net sales increased in the quarter to 10.0 percent from 7.4 percent last year.