Third-quarter sales for office supplies merchant United Stationers declined 6.8%, to $1.25 billion, compared to $1.34 billion last year. Net income rose a little more than 1%, to $33.5 million, from $33.1 million last year. Revenue for the quarter was affected by “weak economic conditions across all product categories,” according to a company release.
While market conditions remained difficult, company president/CEO Richard W. Gochnauer said sales results showed “modest sequential improvement from the second quarter.”
What’s more, Gochnauer added: “Cash flow generation continued at a record pace, enhancing our financial strength and flexibility. We have achieved these results, in this difficult economy, through the hard work and leadership of our associates.”