Rexel’s 2Q North American Sales Growth Slows to 4.4% - Modern Distribution Management

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Rexel’s 2Q North American Sales Growth Slows to 4.4%

The company's 2023 second quarter included one new acquisition and the naming of a new Chief Strategy Officer.

On July 28,  France-based electrical distributor Rexel reported its 2023 second-quarter earnings, which showed that year-to-year sales growth in North America slowed to 4.4%.

In 2Q, sales in North America were up 5.9% on a reported basis, including a negative currency effect of 2.8%, or nearly $60.5 million, due to the depreciation of the U.S. and Canadian dollars against the euro, Rexel said. On a constant, same-day basis, however, sales were up 4.4% thanks to volume growth and a neutral price effect.

The growth has slowed somewhat from the company’s reported first-quarter North American sales, which were were up 8.7% compared with the same period in 2022.

Sales in just the U.S. grew 4.2% to more than $1.72 billion in 2Q. First-half sales in the U.S. were more than $3.72 billion. Canadian sales in 2Q topped $381 million, while first-half sales were just over $748 million.

For the company overall, 2Q sales were $5.32 billion, up 6.2% on a constant and same-day basis. First-half sales worldwide grew 8.1% to approximately $10.75 billion.

Rexel USA/Rexel Canada ranks No. 5 among Electrical Distributors on MDM’s 2023 Top Distributors Lists.

During 2Q, the company announced one new acquisition and also named a new Chief Strategy Officer. Rexel announced May 30 it would acquire Wasco, an HVAC distributor based in Apeldoorn, Netherlands. In June, the company said Jordan Lomheim would succeed Wes Smith as Rexel USA’s newest Senior Vice President and Chief Strategy Officer.

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