Respondents reported a median sales increase of 23.5% for August 2022 versus 2021. August 2022 results reflect another month of solid performance compared to the same month a year ago. Median calendar year-to-date sales growth of 21.8% was reported by respondents. For the Trailing Twelve Months ending in August 2022, respondents again reported strong sales growth of over 20%.
Industry Insights, which produces the ASA monthly sales report for ASA distributor members, says that given the current high inflationary environment, the year-over-year comparisons should be viewed with caution. For instance, on a month-to-month basis, respondents reported a more "modest" sales growth of 14% for August 2022 vs. July 2022.
Nonetheless, it is encouraging that half of the respondents reported TTM sales growth between 16.2% to 26.7%. Inventory jumped 27.8% for August 2022 vs. August 2021. The median Three‐Months Average Days Sales Outstanding jumped from 40 days for July to 42 days in August.
“August was another strong month of significant sales growth (23.5% vs. prior year and 14% vs. prior month). The backdrop of inflation and the Fed rate hikes to slow the economy continue to create an operating environment of cautiousness. This cautious approach will continue to permeate across most industries through the end of the year given the uncertainty of when the Fed will begin to taper its tightening monetary stance.” said Greg Manns, senior vice president at Industry Insights.