Snap-On reported lower-than-expected sales for the third quarter on Thursday, due to inflation pressures impacting the demand for the tools division. Rising borrowing costs and tool price increases - tools are one of the company's largest sources of revenue, leading to limited customer purchases. Sales in Snap-On's tools division decreased by about 3%, to $0.5005 billion, marking the third consecutive quarter of declining sales for this division. According to data compiled by LSEG, total sales decreased by 1.1% compared to the same period last year, to approximately $1.15 billion, slightly lower than the analyst's average expectation of $1.16 billion.