Q3 2014 Results (unaudited)
SOLID SALES GROWTH IN Q3
Q3 ADJUSTED EBITA MARGIN AT 5.0% OF SALES
FULL-YEAR 2014 TARGETS CONFIRMED
SOLID SALES GROWTH IN Q3, NOTABLY IN NORTH AMERICA
• Reported sales up 2.2% in the quarter to €3.3bn
• Strong sequential improvement in constant and same-day sales, up 2.2% in the quarter (vs. +0.6% in Q2), of which:
o Europe up 1.3% (vs. flat in Q2): broadly stable in France (vs. -3.4% in Q2) and rest of Europe up 2.0% (vs. +1.8% in Q2)
o North America up 5.5%: strong sequential improvement in the USA (up 5.7% vs. +2.8% in Q2) and continued recovery in Canada (up 4.7% vs. +3.5% in Q2)
Q3 ADJUSTED EBITA MARGIN AT 5.0% OF SALES
• Continued unfavorable geographic and project mix effects on gross margin
• Impact of transition costs linked to business transformation and increased investments to accelerate profitable growth
FULL-YEAR 2014 TARGETS CONFIRMED
Rudy PROVOOST, Chairman and CEO, said:
“Rexel’s third quarter sales showed positive momentum, particularly in North America, while the operating margin was impacted by unfavorable mix effects on gross margin, transition costs related to the implementation of our business transformation program and increased investments to accelerate profitable growth in strategic areas.
Our year-to-date performance puts us on track to achieve the full-year targets defined in our July outlook and we remain determined to realize our medium-term goals and implement our strategy focused on improving commercial effectiveness, enhancing customer centricity, driving operational excellence and strengthening our business portfolio.”