Stanley Black & Decker Q3 sales decline

Stanley Black & Decker had net sales of $4 billion for the third quarter of 2023, a four percent decrease over net sales of $4.1 billion in the third quarter of 2022. Sales for both the tools and outdoor and industrial segments were down four percent year over year. Gross margin for the quarter was 26.8 percent, up 400 basis points sequentially from second quarter 2023 and adjusted gross margin was 27.6 percent, up 290 basis points versus the prior year rate of 24.7 percent as lower inventory destocking costs, supply chain transformation benefits, and lower shipping costs more than offset the impact from lower organic revenue. Overall net earnings for the company were $4.7 million, down from $36.9 million in the year-ago period.