On Oct. 20,  France-based electrical distributor Rexel reported its 2023 third-quarter earnings, including sales of approximately $4.94B, up 2.6% over the same period in 2022.

The slowdown in sales growth follows 6.2% sales growth in the second quarter.

For 3Q 2023, sales in North America were $2.21 billion, an increase of 2.7%. North American sales growth was 4.4% in 2Q 2023. Sales in Europe were $2.38 billion, an increase of 3.4%. Sales in the Asia-Pacific region were $344 million, a 2.7% decline.

Rexel said volumes were up 2.3% during 3Q 2023 because of high electrification comparable base and more mixed market environment, “demonstrating the strength of Rexel’s market positioning. The company also cited favorable pricing environment on non-cable products, up 1.3% in the quarter.

“Quarter after quarter, the Rexel teams demonstrate their ability to deliver consistent profitable growth,” said Guillaume Texier, Rexel CEO. “It is particularly satisfying that this growth was achieved this past quarter despite a less favorable environment and on the back of a particularly high 2022 comparable base. 2023 is unfolding according to plan and we confirm our full-year guidance, which we upgraded in July. The second half should provide further affirmation that the group’s transformation is delivering results. Our relentless focus on cash generation, efficiency and margin optimization is paying off, while our initiatives on fast-growing electrification segments, advanced services and digital are building differentiation and mid-term growth potential.”