The e-retailer reports a $126 million net loss, stemming from a $640 million year-over-year increase in spending in the quarter on technology and content ...
The web accounted for 25% of all sales in 2010.
Last year was a solid one online for W.W. Grainger Inc.
For the year ended Dec. 31, Grainger, No. 19 in the Internet Retailer Top 500 Guide, reported:
- Web sales increased 31.3% to $1.80 billion from $1.37 billion in 2009.
- Total sales rose year over year 16.1% to $7.2 billion from $6.2 billion.
- Net earnings increased 19.2% to $513.6 million from $430.8 million in 2009.
Internet Retailer calculates the web accounted for 25% of total sales compared with 22.1% in 2009.
“E-commerce is really powerful for us,” Grainger chief financial officer Ron Jadin told attendees during a presentation March 8 at the Raymond F. James Institutional Investors Conference in Florida. “It is highly profitable.”
Over the next several years Grainger will invest “tens of millions of dollars” in its e-commerce infrastructure, Jadin told attendees. “We have a great opportunity to make e-commerce even more relevant,” he said.
Grainger doesn’t break out quarterly web sales, but for the fourth quarter reported:
- Total sales rose year over year 12.5% to $1.8 billion from $1.6 billion.
- Net earnings increased 36.8% to $133.2 million from $97.4 million in Q4 2009.