In response to disappointing results for its plumbing group in the third quarter, Hughes Supply is accelerating efficiency measures and evaluating the idea of branch consolidation within the group.
In response to disappointing results for its plumbing group in the third quarter ended Oct. 31, Hughes Supply is accelerating efficiency measures that include reduction in inventories, receivables, headcount and other operating costs. The wholesaler is also evaluating the idea of branch consolidation within the group.
Hughes reported a 7% decrease in net earnings for the third quarter, $18.8 million vs. $20.2 million for the same period last year. Net sales of $863 million were 10% above $786 million last year.