Grainger Cuts Estimates

W.W. Grainger Inc., Chicago, cut its 2003 sales growth estimates and said it expects full-year earnings at the low end of its previous range, citing the “lackluster” economy and weakening second-quarter sales. President and Chief Operating Officer Wesley M. Clark, addressing analysts at the William Blair & Co. Growth Stock Conference in Chicago, said the company now expected sales to be up by 1 percent to 3 percent. It previously forecast growth of 4 percent to 6 percent. In his speech, Clark said, “The economy isn’t helping and we don’t know just when the economy is going to turn. That’s why we’re lowering our sales growth estimates.” Based on the revised growth estimate and 2002 sales of $4.64 billion, Grainger now predicts full-year sales of $4.69 billion to $4.78 billion.