HARDI Distributors Report 1.1% Revenue Decline in November
Annual growth rate increased by 3%
Heating, Air-conditioning & Refrigeration Distributors International (HARDI) released its monthly TRENDS report, showing sales by HARDI distributors declined by 1.1% during November.
The annual sales growth for the 12 months through November is an increase of 3.0%.
“A sales decline could indicate a pause to our annual sales growth rate recovery, but not in this case,” said HARDI Macroeconomic & Residential Market Analyst Brian Loftus.
The monthly sales survey also calculates distributor’s Days Sales Outstanding, a measure of how quickly customers pay their bills.
“The brisk DSO pace of this summer continues into heating season,” Loftus said. “The post-Covid DSO for November was 43 days the past few years, but less than 40 during November this year.”
“During the past year we have seen inventories decline, and the sales-to-inventory ratio increase, as distributor’s confidence in the supply chain recovered,” Loftus said. “Inventories have been increasing to prepare for the equipment transition. It looks like the supply chain is back to normal.”
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