What drove Sherwin-Williams' gross profit growth in 2023?

Sherwin-Williams' gross profit grew by 10.76 billion in 2023, driven primarily by **Selling Price Increases** and **Higher Architectural Sales Volume**:

1. **Selling Price Increases**: The company implemented price increases across all segments, which contributed to the sales growth. This pricing power was evident in both the Americas Group and the Consumer Brands Group, where net sales rose due to higher selling prices and volume growth.
2. **Higher Architectural Sales Volume**: Specifically, the Paint Stores Group segment saw a 10% increase in net sales, driven by higher selling prices and volume growth in most end markets. The Consumer Brands Group also experienced volume growth, albeit at a lower rate, with net sales rising 5.1% year-over-year.
3. **Acquisitions**: Although not a primary driver, acquisitions contributed to the consolidated net sales increase, accounting for 1.4% of the growth.

In summary, Sherwin-Williams' gross profit growth in 2023 was primarily fueled by successful selling price increases and higher sales volumes, particularly in their Paint Stores and Consumer Brands segments.