Wolseley Sales Up 16.6% in 3Q - Modern Distribution Management

Wolseley Sales Up 16.6% in 3Q

U.S. sales up 25 percent in the third quarter.

UK-based Wolseley plc, parent company of Ferguson Enterprises, reported third quarter sales of £3.3 billion (US$5.1 billion), up 16.6 percent. On a like-for-like basis, sales were up 7.5 percent.

Trading profit for the quarter was £195 million (US$289.9 million).

Three bolt-on acquisitions were completed in the quarter with annualized sales of £69 million (US$105.8 million).

Fiscal year-to-date sales were £9.7 billion (US$14.9 billion), up 11.5 percent year-over-year and up 7.8 percent on a like-for-like basis. Trading profit increased 17 percent to £584 million (US$895.2 million).

U.S. business sales, including Ferguson, were up 8.3 percent from last year to £2.1 billion (US$3.2 billion) on a like-for-like basis. On an actual basis, sales were up 25 percent and acquisitions contributed an additional 3.3 percent. 

The blended branches, fire and fabrication and industrial businesses all generated good like-for-like revenue growth and the B2C business continued to grow strongly. 

Trading profit in the U.S. was up 35.5 percent to £164 million (US$251.4 million).

Two further acquisitions, Redlon & Johnson and Arkansas Supply, were completed in the quarter with total annualized sales of £31 million (US$47.5 million).

Sales in Canada were down 1.9 percent compared to last year on a like-for-like basis. Acquisitions contributed an additional 2.1 percent.

Sales in the UK were 7.6 percent ahead of the prior year on a like-for-like basis with acquisitions contributing an additional 4.2 percent.

The acquisition of MPS, a utilities business with annualized sales of £38 million (US$58.2 billion), was completed after the end of the quarter.

Sales in the Nordics region were up 8.8 percent on a like-for-like basis with acquisitions contributing an additional 4 percent.

Central Europe
Like-for-like sales in Central Europe increased 1 percent. Sales and gross margins were lower in Switzerland, which was affected by currency volatility, and were ahead in the Netherlands. 

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