Tool demand is decreasing, Snap-On quarterly sales did not meet expectations.
Snap-On reported lower-than-expected sales for the third quarter on Thursday, with inflationary pressures affecting demand in the tool division. Rising borrowing costs and tool price increases - tools being one of the company's largest revenue sources - have led to customer purchasing limitations. Sales in Snap-On's tool division declined by about 3%, dropping to $0.5005 billion, marking the third consecutive quarter of declining sales in that division for the company. According to data compiled by LSEG, total sales decreased by 1.1% compared to the same period last year, amounting to approximately $1.15 billion, slightly below the average expectations of analysts.
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