United States. Sherwin Williams announced its first quarter 2013 financial results in which it recorded an increase in net sales of 1.4%.
The report delivered by the American firm indicates that this result was due to the high volume of sales of paints through its group of paint stores. Acquisitions increased consolidated net sales by 1.0%, offsetting the impact of unfavorable changes in currency translation in the quarter.
Net sales in the paint store group increased 4%, primarily due to the high volume of sales of architectural paints for all end-user segments. Additionally, the coatings group's net sales in Latin America decreased 2.9% to US$202.6 million in the quarter due to the unfavorable currency conversion rate, which was partly offset by the increase in sales prices.
For the second quarter, Sherwin Williams expects to increase its consolidated net sales by 5% to 9%, compared to the same period last year.
