Results for the month included a 3 percentage point decline from unfavorable foreign exchange and a 1 percentage
point increase from acquisitions. Sales were flat on an organic basis consisting of 1 percentage point from volume offset
by a 1 percentage point decline in price.
Sales in the United States were flat, while
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VIA
http://www.fastenerjournal.com/index_htm_files/Grainger sales down 2.pdf