The 2020 Mid-Year Economic Update_long

Rexel Sales Up 8.4% in Second Quarter

Company reports loss of 19 million (US$63.3 million) for quarter,

Paris, France-based electrical distributor Rexel reported sales for the second quarter of €3.4 billion (US$3.7 billion), up 8.4 percent from the same period a year ago. On a constant, same-day basis, sales were down 1.6 percent. The company reported a net loss of €19 million (US$21 million), compared to a profit of €47.3 million (US$52.2 million) a year ago.

"Our profitability improved sequentially, despite a slowdown in organic sales, which was strongly impacted by a drop in demand of more than 30 percent in the oil and gas segment, representing around 10 percent of our total sales in North America," said CEO Rudy Provoost.

In Europe (54 percent of group sales), second-quarter sales were up 1.8 percent €1.8 billion (US$2 billion). Sales increased in Germany (3.4 percent) and Scandinavia (8.6 percent), and decreased in France (-0.3 percent) and the United Kingdom (-2.3 percent).

Second-quarter sales in North America (36 percent of group sales) decreased 6 percent to €1.3 billion (US$1.4 billion). U.S. sales fell 4.6 percent, and Canadian sales decreased 10.3 percent. And Asia-Pacific (10 percent) sales declined 0.6 percent.

For the first six months, total group sales were €6.6 billion (US$7.3 billion), up 7.8 percent from the same period a year ago. On a constant, same-day basis, sales were down 1 percent. Profit decreased 98.4 percent to €1.5 million (US$1.7 million).

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