France-based electrical products distributor Rexel reported its 2024 first quarter financial results on April 30, showing a modest decline in North American sales, while they were much worse in Europe against tough comparables.

Overall, the company posted 1Q sales of $5.038 billion, down 4.6% year-over-year on a same-day basis (-4.5% reported). The company noted the lapping of outsized electrification demand a year earlier drove the decrease, as sales for electrification — 22% of the company’s 1Q total — were down 11.7% year-over-year, while core electrical distribution sales (63% of total) were down 0.8% and cable sales (15% of total) were down 8.2%.

In Europe — 52% of group sales — 1Q sales were down 6.9% year-over-year on a same-day basis (-4.0% reported). Electrification categories were down 17.6%, while core electrical distribution sales were down 3.2%.

In North America — 42% of group sales — 1Q sales were down 1.1% year-over-year on a same-day basis (-3.7% reported). Electrification sales were down 3.2%, while core electrical distribution sales were up 2.4%.

• U.S. sales — 82% of N.A. total — were down 1.5% year-over-year (reported)
• Canada sales — 18% of N.A. total — were up 1.0% year-over-year (reported)

In Asia-Pacific — 6% of group sales — 1Q sales were down 7.7% on a same-day basis (-13.2% reported).

Other notes from Rexel’s 1Q:

• Digital: The company said its “digital penetration rate” was 31% of sales, up 273 basis points year-over-year
• M&A: The company said that it reached a deal at the end of April to acquire Itesa, a France-based distributor of electronic security equipment — specializing in video and alarm products. Itesa had 2023 sales of approximately $83 million across its 15 branch locations. Terms of the deal were not disclosed.
• Pricing: Rexel said that its 1Q cable pricing was down 1.5% against higher copper prices in 1Q23 and continued price normalization in North America beginning at the end of 2Q23. Non-cable pricing rose by 0.7%.