Snap-On's Tools Segment Seeing V-Shaped Recovery, Barrington Says
02:50 PM EST, 02/05/2021 (MT Newswires) -- Snap-On (SNA) posted better-than-expected Q4 results due to strong performance in its tools group, which registered a 20.2% increase in net sales, Barrington wrote in a note to clients Friday.
The tools segment's growth came across product segments including hand tools, tool storage and diagnostic equipment. The brokerage said the group used social media in Q4 in its selling efforts and reserved actual face-to-face interaction for closing sales.
Barrington said the segment is experiencing a "V-shaped" recovery after two consecutive quarters of double-digit expansion.
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