Sherwin-Williams Q1 profit up; 70- to 80 stores on tap for 2013

New York -- Sherwin-Williams Co. reported a sales increase of 1.4% in the first quarter ended March 31, thanks to higher volume in the Paint Stores Group. The company expects to open 70 to 80 paint stores in 2013.
Net income increased 16% to $116.2 million.

The company's consolidated net sales increased 1.4% to $2.17 billion. The Paint Stores Group saw sales increase 4.0% to $1.17 billion in the quarter. The company pointed to higher architectural paint sales volume across all end-market segments. Comp-store sales for paint stores increased 3.2%.

Paint Stores Group segment profit increased to $129.7 million in the quarter from $112.7 million last year.

"We continued to invest in our business by opening nine net new locations in the Paint Stores Group," said Christopher Connor, chairman and CEO.

Sherwin-Williams operates more than 4,100 company-owned stores and manufactures paint brands such as Sherwin-Williams, Dutch Boy, Krylon, Minwax and Thompson's Water Seal.