Global distributor Wolseley announced it will explore strategic options for its businesses in France. For the fiscal third quarter ended April 30, 2012, like-for-like revenue in France declined by 6.1 percent as new construction markets weakened. Trading profit was 9 million (US$14.1 million) in the quarter, 6 million below last year and included 1 million of one-off restructuring charges.
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According to a press release from the company, the announcement is being made in order to enable Wolseley to begin discussion with employees in France, in accordance with French labor laws.
\”In our Q3 IMS we reported difficult market conditions in Continental Europe and these conditions have continued,\” the company said in a press release.