France-based electrical distributor Rexel reported organic sales growth of 0.4% in the third quarter 2008, with year-to-date organic growth of 1.6%. Profit year-to-date
 
Rexel recorded year-to-date sales of €9.43 billion (US$11.8 billion).
 
CEO Jean-Charles Pauze said: Rexel recorded a solid third quarter and year-to-date performance in a challenging environment. Our profitability and cash flow attest to the resilience of Rexel’s business model.
 
“As we had expected for the second half of the year, our major markets are slowing down. We have continued to implement measures to attain our targeted EBITA margin of around 5.4% in 2008 even if our sales are slightly lower than anticipated due to the deterioration of the economic environment and the fall in raw material prices. More than ever, Rexel is strongly focused on continuing to adapt its cost base, accelerating synergies from Hagemeyer businesses and generating cash flow.”
 
In the third quarter, growth in the industrial end-market and in renovation were partly offset by a downturn in the new residential end-market. North America was flat year-to-date (-1.1% in the third quarter). Canada posted strong growth, while in the U.S. the non-residential end-markets slowed in the third quarter.
 
In Asia-Pacific, growth remained strong at 7.5% year-to-date.
 
Year-to-date, profit was €294 million (US$369 million), compared with €86.9 million in 2007. Excluding IPO-related expenses, profit rose 31.8%.
 
More details on Rexel’s earnings here.