Wolseley plc has reported it will close 24 more Stock Building Supply branches, primarily in the Midwest. The closures include a 370 headcount reduction.
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The announcement comes after closing 22 branches and reducing headcount by about 4,500 in the past year, or a quarter of total employees.
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Wolseley reported sales at Stock were down nearly 15% in the first 11 months of the fiscal year; commodity price deflation caused revenues to decline a further 10%. Profit was down two-thirds.
  ;
Lumber and structural panel prices, when combined, account for 45% of Stock’s revenues; they have fallen by 21% and 27%, respectively.
  ;
Stock’s results were offset by strong organic growth in the U.S. plumbing and heating business, improved performance …
Stock Building Supply to Close 24 More Branches
Wolseley plc has reported it will close 24 more Stock Building Supply branches, primarily in the Midwest. The closures include a 370 headcount reduction.
  ;
The announcement comes after closing 22 branches and reducing headcount by about 4,500 in the past year, or a quarter of total employees.
  ;
Wolseley reported sales at Stock were down nearly 15% in the first 11 months of the fiscal year; commodity price deflation caused revenues to decline a further 10%. Profit was down two-thirds.
  ;
Lumber and structural panel prices, when combined, account for 45% of Stock’s revenues; they have fallen by 21% and 27%, respectively.
  ;
Stock’s results were offset by strong organic growth in the U.S. plumbing and heating business, improved performance …
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