Rexel 1Q Sales Up 11.7%
Paris-based electrical distributor Rexel reported first quarter sales of €2.8 billion (US$3.8 billion), an increase of 11.7% over the prior year. The acquisition of Hagemeyer in 2008 accounts for most of the sales growth. On a constant and same-day basis, sales were down 15.4%.
Profit fell to €0.9 million, compared with €62.5 million in the first quarter of 2008. Costs associated with restructuring resulted in a charge of €30.4 million.
Rexel's underlying profitability remains sound although it was more severely impacted by the economic downturn in the quarter than at the end of 2008, CEO Jean-Charles Pauze said. "In the face of a deteriorating environment, Rexel is reinforcing its cost-adjustment program, ...
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