Despite a 4% decline in sales, MSC Industrial Direct Co. (NYSE: MSM) more than quadrupled its net income for the third quarter.
For the three months ended June 1, the cataloger of industrial maintenance and operations supplies reported net income of $11.2 million on sales of $208.6 million. For the third quarter of fiscal 2001, net income was $2.5 million on sales of $216.3 million. Last year, however, Melville, NY-based MSC has recorded a one-time nonoperating after-tax charge of $9.9 million.
Online sales rose 76%, to $16.9 million.