Sherwin-Williams, the US paint giant, has reported a 15.2% fall in second-quarter profit to $754.7 million, dragged down by a sharp drop in sales of DIY-focused brands such as Dutch Boy and Krylon.
While sales to professional painters and industrial customers showed modest growth, they weren’t enough to offset the consumer slump. The company has lowered its full-year earnings forecast to $11.20–$11.50 per share.
Management warned that higher living costs are discouraging homeowners from spending on renovation projects—a trend that could keep pressure on results for the rest of the year.