Low volume affects Stanley Black & Decker sales

Stanley Black & Decker had net sales of $3.9 billion for the first quarter of 2023, a decrease of 12% compared to net sales of $4.4 billion in the first quarter of 2022. Positive price realization increased 2%, but was more than offset by decreases volume (11%), currency (2%), and the company’s divestiture of its oil and gas division (1%). The company had gross margin of 21.2% for the quarter, down from 31.3% in the year-ago period. Net sales for the tools and outdoor segment were down slightly year over year and its profit rate was 3%, down from 14% in first quarter of 2022. Net sales for the industrial segment were down 5% year over year, with a profit rate of 11%, up 410 basis points versus the prior-year period.