This excerpt taken from the GWW 8-K filed Jan 27, 2005.
Net Sales Daily sales were down 5% for the quarter. Incremental sales at ten customer locations added since the fourth quarter of 2003 were more than offset by disengagements at two large customers in late 2003. Sales were also down at two large existing customers. Sales for this business unit include product sales and management fees.
Operating Earnings The operating earnings decrease was primarily related to higher data processing expenses and bad debt expense versus the prior year.
As announced late last year, in 2005 Integrated Supply will no longer offer on-site integrated puchasing and tool crib management services. The Companys Industrial Supply division plans to fulfill, but not renew, existing Integrated Supply contracts.
Beginning January 1, 2005, Integrated Supply will no longer be reported as a separate segment. It will be merged into the Industrial Supply division within the Branch-based Business segment.
Emerging Issues Task Force Issue 02-16
W.W. Grainger, Inc. Supplemental Financial Information for the Fourth Quarter Ended December 31, 2004