Masco first quarter sales slide

Masco Corporation had sales of $1,979 million in the first quarter of 2023, a decrease of 10% compared to sales in the first quarter of 2022. In local currency, North American sales decreased 10% year over year and international sales decreased 3%. The overall plumbing product and decorative architectural products segments’ net sales both decreased 10% year over year. Gross margin for the quarter was 33.8%, up 180 basis points compared to gross margin of 32% in the year-ago period. The company had net income of $205 million compared to net income of $233 million last year.