Sherwin-Williams raises sales guidance as consumers doing DIY projects drive unprecedented demand
'[Do-it-yourself] growth in our stores remains strong,' chief executive says
The Sherwin-Williams Co. on Monday increased its sales guidance for the second quarter, citing greater-than-expected demand in its North American architectural business.
The Cleveland-based paint company now forecasts second-quarter sales to decrease year-over-year at a percentage rate in the middle single digits. It had previously forecast a decrease in the low to middle teens.
"[Do-it-yourself] 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," Chief Executive John G. Morikis said.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SHW | THE SHERWIN-WILLIAMS CO. | 395.58 | -1.82 | -0.46% |
Mr. Morikis added that Sherwin-Williams' consumer-brands group continues to see unprecedented demand from retail partners, as consumers turn to house projects as they stay at home during the coronavirus pandemic.
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On the other hand, demand has been variable for the company's performance-coatings group, and its automotive-refinish business has lagged as car use continues to be impaired during the pandemic, the company said.
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