Good afternoon, ladies and gentlemen, and welcome to Systemax Inc.’s Second Quarter 2020 Earnings Call. At this time, I would like to turn the call over to Mike Smargiassi of The Plunkett Group. Please go ahead.

Thank you, Grant, and welcome to the Systemax second quarter 2020 earnings call. Today's call will include formal remarks from Barry Litwin, Chief Executive Officer; and Tex Clark, Senior Vice President and Chief Financial Officer. We will not be hosting a live Q&A session at the end of today's call. If you should have any questions on the results, please contact the Plunkett Group or Systemax. Contact details can be found in the press release issued today and at systemax.com. Today's discussion may include certain forward-looking statements. It should be understood that actual results could differ materially from those projected due to a number of factors, including those described under the forward-looking statements caption and under risk factors and the Company's annual report on Form 10-K and quarterly reports on Form 10-Q. The press release is available on the Company's website and will be filed with the SEC in a Form 8-K. This call is the property and is copyrighted by Systemax Inc. I will now turn the call over to Mr. Barry Litwin.

Thanks, Mike. Good afternoon, everybody. And thank you for joining us today. The health and safety of our associates, their families and our customers remain our first priority as we continue as an essential business to support our customers. We had a terrific second quarter highlighted by accelerated revenue growth of 4.3% and 6.4% in May and June respectively. This recovery largely offset the significant declines recorded early in the pandemic through much of April as we completed the quarter down only 2.6% over last year. I would note, the positive trend has continued into July. Revenue performance was driven by growth in PPE, an expanding pandemic product line and sequential monthly improvement in core non-PPE product lines as businesses began to reopen. We generated year-over-year operating leverage by expanding gross margin through a higher concentration of private label products and our disciplined approach to managing expenses. Overall, this was a significant accomplishment given the current operating and economic environment. Our teams have done a terrific job of executing our return-to-work plan and generating momentum with our strategy to accelerate our customers’ experience. This includes initiatives within our ACE strategy or Accelerating the Customer Experience, as well as our Restore, Return, Rebound campaign which launched in April. As states and businesses focus on reopening, our ability to help them rebound has positioned Global Industrial with customers as a leading source for education and guidance on pandemic-related solutions and supplies. As a reminder, Restore, Return and Rebound provides guidance on both room by room and end market best practices for addressing the challenges of the COVID world, including product solutions for cleaning and sanitizing requirements, indoor and outdoor maintenance and social distancing aids, such as signage and separators. This proposition enables our sales force and digital platform to engage customers at…

Thank you, Barry. I’ll now address our performance in more detail. I would like to note that we have the same number of selling days in the second quarter of 2020 as we did in a year-ago period. In the second quarter, revenue declined 2.6% on a GAAP basis and 2.4% on an average daily sales constant currency basis over Q2 of last year. Revenue was approximately $242.1 million with the U.S. declining 4% while Canada grew 39% in local currency. As Barry noted, we had an improvement in trends as we moved through the quarter and we recorded revenue growth in both, May and June. We've seen strength in the sales pipeline as new order activity is healthy and our open sales backlog, while remaining largely unchanged in value from the conclusion of the first quarter is still elevated significantly from historical levels. Sales results have largely benefited from the investments we've made to accelerate the time to market of PPE, in order to meet the rapidly changing demand profile of our customers early in the pandemic. As we moved through the period, we focused our marketing efforts and pivoted to conversations with our customers to the broader facility solutions they required to open safely and to support their ongoing operations. In the aggregate, as businesses have begun to reopen, our core product lines recovered to mid-single-digit declines in June and sales of pandemic related supplies remained strong. Gross profit for the quarter was $84.8 million, down from $86 million last year. Gross margin rate was 35%, up 40 basis points from the prior year and 130 basis points on a consecutive quarter basis. Margin improvement in the period was primarily driven by mix shift to in-stock and private label products, and the higher margins these sourcing channels provide…