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W.W. GRAINGER, INC. REPORTS RECORD SALES AND EARNINGS FOR 1992 SECOND QUARTER AND FIRST HALF

 W.W. GRAINGER, INC. REPORTS RECORD SALES AND EARNINGS
 FOR 1992 SECOND QUARTER AND FIRST HALF
 CHICAGO, July 16 /PRNewswire/ -- W.W. Grainger, Inc. (NYSE, MSE: GWW) today reported that sales increased 12.2 percent to $606,347,000 in the second quarter ended June 30, 1992, from $540,307,000 in the same 1991 period. Net earnings increased 8.8 percent to $36,015,000, or 67 cents per share, from $33,107,000, or 62 cents per share.
 For the 1992 first half, sales of $1,138,609,000 rose 12 percent from sales of $1,016,245,000 in the same 1991 period. Net earnings of $64,286,000, or $1.20 per share, increased 4.7 percent from $61,392,000, or $1.14 per share.
 On June 15, 1992, the company's Grainger Division opened a new distribution branch in Wausau, Wis., bringing the total number of branches to 329 nationwide.
 W.W. Grainger, Inc., with 1991 sales exceeding $2 billion, is a nationwide distributor of equipment, components, and supplies to the commercial, industrial, contractor and institutional markets.
 W.W. GRAINGER, INC.
 Consolidated Statements of Earnings (Unaudited)
 (In thousands of dollars, except for per-share amounts)
 Periods ended Three Months Six Months
 June 30 1992 1991 1992 1991
 Net sales $606,347 $540,307 $1,138,609 $1,016,245
 Cost of merchandise
 sold 391,239 354,142 737,062 663,371
 Gross profit 215,108 186,165 401,547 352,874
 Warehousing, marketing
 & admin. expenses 154,362 132,853 294,993 254,465
 Operating earnings 60,746 53,312 106,554 98,409
 Other income or
 (deductions):
 Interest income 335 1,566 1,547 3,826
 Interest expense (958) (468) (1,416) (1,025)
 Unclassified - net (36) 46 (252) (231)
 Total (659) 1,144 (121) 2,570
 Earns. bef. inc. taxes 60,087 54,456 106,433 100,979
 Income taxes 24,072 21,349 42,147 39,587
 Net earnings $ 36,015 $ 33,107 $ 64,286 $ 61,392
 Earnings per common &
 common equivalent share $0.67 $0.62 $1.20 $1.14
 Aver. no. of com. & com.
 equivalent shares
 outstanding 53,356,621 54,089,320 53,388,685 54,056,774
 -0- 7/16/92
 /CONTACT: R.D. Pappano of W.W. Grainger, Inc., 708-982-9000/
 (GWW) CO: W.W. Grainger, Inc. ST: Illinois IN: SU: ERN


GK-CK -- NY033 -- 8479 07/16/92 11:21 EDT
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Date:Jul 16, 1992
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