HARDI week four COVID-19 impact survey

HARDI’s week four survey was sent out to its members on Friday May 1st. The results below show a general pulse for where the industry is at based on member responses for the week following May 1st.

Weekly sales:

36% of respondents reported their sales were down less than 20% compared to last week

22% of respondents reported their sales were down 21-50% compared to last week

2% of respondents reported their sales were down more than 50% compared to last week

12% of respondents reported their sales were steady compared to last week

19% of respondents reported their sales increased less than 10% compared to last week

9% of respondents reported their sales increased more than 10% compared to last week

Weekly employment changes:

72% reported no employment changes this week

5% have reduced employee compensation, which was the same as last week

6% have reduced employees' hours compared to 16% last week

5% have laid off employees compared to 4% last week

6% have furloughed employees, which was the same as last week

3% have rehired employees, which was the same as last week

9% have hired new employees compared to 7% last week

Customers:

69% of respondents stated that none of their customers have gone out of business. 25% responded that less than 5% of their customers have gone out of business, 1% responded 5-10% of their customers have gone out of business, 1% stated that 20-30% of their customers have gone out of business and 4% claimed they weren’t sure yet.

44% of respondents have seen no recognizable change to customers paying performance this week. 44% have less than 15% of their customers extending payment schedules compared to 38% last week. About 5% responded that more than 15% of their customers are extending payment schedules. 5% of respondents believe the customer payment experience is deteriorating and having a negative impact on operations compared to 13% last week.

Suppliers:

68% of respondents indicated they have not experienced supply chain disruptions this week while 15% experienced parts disruptions (compared to 22% last week) and 14% experienced equipment disruptions (compared to 19% last week).

Similar to last week, 57% of respondents have heard there will be no expected product shortages from suppliers. 34% expect product shortages, 7% expect prices to increase and 28% do not expect prices to increase.

65% have not asked their supplier for extended terms, which compares to 61% last week. 23% have asked their supplier for extended terms and accommodated with no penalty (compared to 25% last week).