Wolseley Profit Drops 25% in First 5 Months
Global building products and plumbing/HVAC distributor Wolseley plc reported a 25% drop in profit for the five months ended Dec. 31, 2007. Full half-year results will be announced in March. Revenue was up 2%.
The UK-based company was hit hardest in North America, where profit was down 40% and revenue down 10% (5% in constant currency). Year-to-date, 3,000 people have been laid off at Stock Building Supply and Ferguson in the U.S. due to tough conditions in the U.S. Wolseley has implemented a general headcount freeze” for both continents on which it operates.
The company blamed the “worsening U.S. housing market, low consumer confidence arising from global credit restrictions and the weakness of the U.S. dollar.”
The distributor says “market …
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