Anixter International Inc., Glenview, IL, a global distributor of communication products, electrical and electronic wire & cable, fasteners and other small parts, reported sales for the first quarter ended April 3 were $1.27 billion, down 14% from the year ago quarter. Profit declined 54% to $25.7 million.
Organic sales decreased 7% in the quarter, led by declines in the European OEM supply business which declined 32%. Emerging markets and North American OEM supply posted organic sales growth of 3% and 12% respectively.
Following a very soft finish to 2008, and an extension of those market conditions into the first few days of 2009, we were pleased to see activity levels rebound to a limited degree and then stabilize through the balance of the quarter, said Robert Eck, president and CEO. "At this time it is too early to ascertain if the stabilizing trends of the past couple of months are reflective of the current recession beginning to find a bottom or if this is merely a period of calm in a continuing uncertain market."