Mackie Monday: Annual Update

This Mackie Monday, I would like to take the opportunity to look back on our recently finished 2015/2016 trading year and highlight the exceptional results that were achieved.

On the back of a massive 23 percent sales increase in March, City Electric Supply achieved its sixth consecutive year of double digit growth here in the US, finishing the year up 10.36 percent with sales of $911 million. This is a record sales result for the company and our first time to break $900 million in annual revenue.

Our Canadian operation also achieved a record sales year breaking $140 million CAD and growing revenues by more than 16 percent. The North American operations combined succeeded a major milestone by achieving more than $1 billion in sales for the first time!

These sales results are only made more impressive when we consider three significant headwinds that have faced our industry: significant price deflation in copper wire, continued downward pressure on LED prices, and a challenging economic environment in Canada.

On top of great sales results, we opened an additional 18 locations across North America and added an additional 200 people to the CES/TES Family.

We continue to invest in inventory, adding more than $12 million to our inventory levels here in the US to ensure we have what our customers need when they need it. In addition, this year we launched the new CES website complete with bill pay, launched the new improved CES Mobile Application and moved into our all-new corporate headquarters here in Dallas, Texas. What a year to look back on!

Thank you to all of our employees, customers, and vendors. Without you all, this growth would not be possible.