Fastener distributor The Bossard Group, Switzerland, reported its second-quarter sales fell 3.2% to CHF 180.5 million (US$191.1 million) compared to the second quarter period of 2019. Sales for the period were down 13.7% in local currency.
In the second quarter, sales in America totaled CHF 42.8 million (US$45.3 million), down 22.6%, or 19.5% in local currency.
Group sales in the first half of 2020 declined by 11.4% to CHF 399.4 million (US$422.9 million), the company said. Sales were down 7.4% in local currency.
In the first six months, sales in America totaled CHF 96.8 million (US$102.5 million), down 14.6%, or 11.5% in local currency.
“Overall, we see evidence that our broad-based measures to manage the COVID-19 pandemic are effective,” the company said in a statement. “This gives us confidence for demand development in the second half of the year. We are already seeing signs, which among other things has prompted us to end the short-time working at the Zug site as of August 1, 2020. Meanwhile, it is difficult to predict how a possible normalization will affect the Bossard Group’s business in the second half of the year. This will also depend on government measures, which will likewise influence the process of economic recovery.”