Sherwin-Williams has announced the Q2 2020 sales guidance. The company has said that it had increased its net sales guidance for Q2 2020. The company expects that the consolidated net sales of the company will decrease by a significant margin than the previous quarter of 2019. The company has issued the prior guidance, issued in April 2020 for Q2 2020 consolidated net sales decreased to mid-teen percentage as compared to the previous quarter of 2019.
The company has said that the net sales in The Americas Group are expected to decrease in the Q2 2020 as compared to the previous quarter. The company is scheduled to release the Q2 2020 financial results on July 28, 2020.
Chief Executive Officer and Chairman of the company, John Morikis said, “Our employees have performed admirably during this challenging time to meet our customers’ needs.”
“We are raising our second quarter sales guidance given our ability to capture and serve greater than expected demand in our North American architectural businesses,” John Morikis further added in the statement.
“We are encouraged by the sequential improvement in all three of our business segments during the second quarter. In The Americas Group, we rapidly adapted to the pandemic by implementing curbside pickup in our stores, utilizing our fleet of over 3,000 delivery vehicles, and leveraging our e-commerce platform. We have gradually and safely reopened nearly all of our sales floors over the last month,” John Morikis said.”
“DIY growth in our stores remains strong, while our residential repaint and new residential segments have improved at a faster rate than our property management, new commercial and protective and marine segments. In the Consumer Brands Group, the unprecedented demand from most of our retail partners has remained robust, driven by consumers who are nesting during the pandemic and focused on DIY projects. In the Performance Coatings Group, demand has been variable by end market and geography,” John Morikus concluded.