France-based electrical products distributor Rexel reported its 2024 fourth quarter and full-year results on Feb. 12, showing an increase in sales mainly driven by the U.S. and Canada, offset by weakness in its electrification segment in Europe.

4Q Results

Rexel posted 4Q sales of $5.1 billion, down 0.5% year-over-year, with same-day sales up 1.0%, driven by positive momentum in North America. The company noted that sales for electrification — 21% of the company’s 4Q total — were down 1.9% year-over-year, while core electrical distribution sales (including cable) — 79% of the company’s 4Q total — were up 1.4% year-over-year.

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In North America — 45% of group sales — 4Q sales were up 3.6% year-over-year on a same-day basis (11.3% reported). Electrification sales were down 9.0% and contributed -200 basis points, while core electrical distribution sales were up 5.5% with positive volume.

• S. sales — 83% of regional sales — were up 3.4% year-over-year (reported)
• Canada sales — 17% of regional sales — were up 4.4% year-over-year (reported)

In Europe — 49% of group sales — 4Q sales decreased by 3.8% year-over-year on a same-day basis (-4.9% reported). Electrification categories were down 8.3% year-over-year and contributed -170 bps, while core electrical distribution sales were own 2.1%.

MDM’s 4Q24 MarketPulse Report (store link) 

In Asia-Pacific — 6% of group sales — 4Q sales decreased 2.0% year-over-year on a same-day basis (2.0% reported).

2024 Results

Rexel reported 2024 full-year sales of $20.1 billion, up 0.7% year-over-year on a same-day basis (-2.4% reported). The company’s full-year adjusted EBITDA margin was 5.9%, own 98 bps vs. 2023.

Operating profit of $882.2 million was down 30.5% compared to the same period a year prior, while net profit of $355.6 million was likewise down 56%.

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In North America, sales of $8.8 billion increased 0.5% year-over-year. More particularly, U.S. sales of $7.2 billion increased 0.5% and Canada sales of $1.5 billion increased 0.2%.

Other Notes

• Digital sales represented 32% of total 4Q24 group sales, up 232 bps year-over-year. Europe reached 43% digital sales (+357 bps); North American was 22% (+29 bps); and Asia-Pacific was 22% (vs. 9% in 4Q23)
• Rexel ended 2024 will a full-time equivalent headcount of 27,026, down 2.7% from the end of 2023.
  • Europe FTE of 14,744 decreased 3.6% year-over-year
  • North American FTE of 9,617 decreased 1.6%
    • U.S. FTE of 7,521 decreased 1.4%
    • Canada FTE of 2,096 decreased 2.1%
  • Asia-Pacific FTE of 2,406 decreased 1.7%
• Rexel ended 2024 with a global branch count of 1,951, down 1.9% year-over-year
• The company reported that its active acquisitions strategy contributed a positive 2.9% growth to its 2024 full-year sales

Rexel’s North American operations was No. 5 on MDM’s Top Distributors List for Electrical, Data and Security Supplies.