Q1 2014 Results (unaudited)
RETURN TO ORGANIC SALES GROWTH
RESILIENT PROFITABILITY
FULL-YEAR 2014 TARGETS CONFIRMED
RETURN TO ORGANIC SALES GROWTH: +0.4% ON A CONSTANT AND SAME-DAY BASIS (including negative copper effect of 1.0 percentage point)
• Return to growth in Europe (+1.6%), driven by Northern and Central countries; French operations remained resilient (-0.4%)
• Asia-Pacific up 3.8%, driven by China, and Latin America up 3.0%
• North America (-2.7%) impacted by weather conditions
RESILIENT PROFITABILITY WITH ADJUSTED EBITA MARGIN OF 4.5%
• Down 10bps year-on-year, mainly impacted by weather conditions in North America
• Supported by ongoing cost control
FULL-YEAR 2014 TARGETS CONFIRMED
Rudy PROVOOST, Chairman of the Management Board and CEO, said:
“In the first quarter, Rexel’s organic sales growth returned to positive territory, mainly driven by a number of countries in Europe, which more than offset the adverse effect of unfavorable weather conditions in North America. As a result of this negative impact and gross margin pressure in some key markets, Rexel’s overall profitability decreased slightly in the quarter but remains resilient thanks to tight cost control and disciplined execution. Considering our first-quarter performance, we confirm our targets for the year as well as our medium-term ambitions.
We remain committed to our operational action plans and our strategy focusing on high-growth initiatives and value-added customer propositions.”