First-Quarter 2017 Results
GROWTH IN SALES AND IMPROVED PROFITABILITY
RETURN TO ORGANIC SALES GROWTH IN THE US
FULL-YEAR FINANCIAL TARGETS CONFIRMED
SALES OF €3,323m, UP 5.1% ON A REPORTED BASIS
- Organic growth of 4.8%, including a strong positive calendar effect of 4.1% and a favorable copper effect of 1.2%
- On a constant and same-day basis, sales were up 0.6%, of which:
- Europe: +1.2%
- North America: +1.2%, supported by a return to growth in the US (+2.1%)
- Asia-Pacific: -4.8%, due to a sharp 33.6% drop in SE Asia, while China was up 2.0% and Australia up 0.8%
ADJUSTED EBITA OF €135m, UP 9.3%
- Stable gross margin at 24.8% of sales
- Improved adjusted EBITA margin at 4.1% of sales (vs. 3.9% in Q1 2016)
- Stable in Europe at 5.7% of sales
- Improvement in North America at 2.9% of sales (vs. 2.6% in Q1 2016)
STRONG INCREASE IN REPORTED EBITA, UP 27% AND NET INCOME, UP 62%
FULL-YEAR FINANCIAL TARGETS CONFIRMED
Patrick BERARD, Chief Executive Officer, declared:
“Rexel’s first-quarter performance was in line with our expectations.
Two elements are to be noted in our past quarter’s performance: For the first time in several quarters, we posted organic sales growth on a constant and same-day basis with a simultaneous improvement in profitability. In addition, our sales in the United States returned to growth after seven consecutive quarters of organic decline on a constant and same-day basis.
These results confirm that the measures we are taking to revitalize organic growth and improve profitability are starting to show results.
We confirm our financial targets for the full year, as announced on February 13.”