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SHERWIN-WILLIAMS COMPANY REPORTS FIRST QUARTER 1992 RESULTS

 SHERWIN-WILLIAMS COMPANY REPORTS FIRST QUARTER 1992 RESULTS
 CLEVELAND, April 9 /PRNewswire/ -- The Sherwin-Williams Company (NYSE: SHW) reported net income of $12,997,000 or $0.15 per share for the first quarter of 1992, compared to $7,503,000 or $0.09 per share in 1991. Net sales increased 12.6 percent to $594,561,000 from $528,149,000 in 1991.
 The Paint Store Segment's sales increased 19.1 percent. Comparable store sales were up 15.9 percent. Adjusting for the 1991 reorganization of Chemical Coatings, Stores' sales increased 14.9 percent in the first quarter and comparable store sales were up 12.1 percent. The Stores' operating loss decreased 36.2 percent or $2,889,000 in the quarter. There was no significant effect on the operating loss from the Chemical Coatings reorganization.
 Sales of the Coatings Segment increased 4.6 percent in the quarter. Adjusting for the Chemical Coatings reorganization, the Segment's sales increased 9.6 percent. Operating profit for the Segment increased by 29.0 percent, or $7,694,000, which was partially the result of cost savings from the Chemical Coatings reorganization.
 Commenting on the quarter, John G. Breen, chairman and chief executive officer, said, "Tough competitive conditions still exist in many areas of the country affecting Paint Stores' profitability. However, we continue to be pleased with the Stores' gains in market share. As previously stated, we expect to report improved results for 1992 and we are encouraged by the first quarter performance."
 The Sherwin-Williams Company and Subsidiaries
 Statements of Consolidated Income (Unaudited)
 Three months ended
 Thousands of dollars, except per share data. March 31
 1992 1991
 Net Sales $594,561 $528,149
 Costs and expenses:
 Operating expenses 572,853 514,851
 Interest expense 2,374 3,307
 Interest and net investment income (979) (1,240)
 Other 5 (313)
 Total $574,253 $516,605
 Income before income taxes 20,308 11,544
 Income taxes 7,311 4,041
 Net income 12,997 7,503
 Income per share $0.15 $0.09
 Average shares and equivalents
 outstanding 88,755,636 87,688,799
 -0- 4/9/92
 /CONTACT: Conway G. Ivy, vice president and treasurer of The Sherwin-Williams Company, 216-566-2102/
 (SHW) CO: The Sherwin-Williams Company ST: Ohio IN: CST SU: ERN


KK -- CL003 -- 6577 04/09/92 08:29 EDT
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Publication:PR Newswire
Date:Apr 9, 1992
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