In its Q2 earnings report, Sherwin-Williams showed growth in its Paint Stores Group and Performance Coatings Group, but a decline in its Consumer Brands Group. Combining all groups, consolidated new sales increased 0.5% in the second quarter of 2024, totaling $6.27 billion.
The Paint Stores Group includes Sherwin-Williams’ company-operated stores, which saw net sales increase 2.4% for the quarter.
“Led by strong performance in the Paint Stores Group, we continued to execute on our proven strategy across the Company to deliver consolidated sales within our expectations,” says chief executive officer Heidi G. Petz says. “We are clearly seeing a return on last year’s growth investments in residential repaint, where volume increased by a mid-single digit percentage in a down market. We’re also encouraged by growth in new residential, where we expect continued momentum over the back half of the year.”
The company attributes losses in its Consumer Brands Group to “soft North America DIY paint demand,” while growth in the Performance Coatings Group is “led by growth in industrial wood and coil.”
The company anticipates third quarter net sales to be up slightly (“a low single-digit percentage”) compared to Q3 2023.
“The macroeconomic environment has been softer for longer than many economists anticipated at the start of the year, and it is unclear how this trajectory may unfold in our back half,” says Petz. “While we are not immune to market conditions, our focus on providing differentiated solutions to drive our customers’ productivity and profitability remains unchanged. We believe in our strategy, we’ve invested in it, and we expect to drive above market performance.”
