The company noted that while 2Q sales were disappointing, gross margin improvement stemmed from internal improvements.
Latest In Earnings
The PVF supplies distributor’s November-January sales increased 4.8% year-over-year.
The master distributor of parts for OEM foodservice, appliances, HVAC and consumer electronics provided updates on a number of iniatiatives.
Full-year operating and net profit jumped more than 40% vs. 2022.
Acquisitions drove nearly all of DSG's growth in 2023, which marked its first full calendar year since forming in early 2022.
Non-heavy manufacturing, non-residential construction and reseller end markets outperformed January.
4Q revenues for that segment dipped 1.4% year-over-year.
The plumbing and HVACR distribution giant also updated its plans to ‘domicile’ its ultimate parent company in the U.S. to reflect operations and leadership.
The distributor saw healthy 4Q organic growth, too, with comparable sales up 5.1% excluding GIC's May 2023 acqusition of Indoff.
The specialty building products distributor saw gross margin improve 40 bps year-over-year, though EBITDA fell by a larger margin.
Acquisitions and greenfields powered strong volume growth, and the distributor bolted-on its second company in 2024.
A pull-back in DIY spending, flat Pro customer sales and unfavorable January winter weather impacted Lowe's comparable sales numbers.
However, the year-over-year sales declines improved throughout the year and were down only 4.7% in the fourth quarter.
A decrease in BlueLinx's 4Q23 sales reflects a decline in specialty and structural product sales, primarily driven by price deflation.
In 2023, the distributor paid down $160 million of debt and reduced inventory by $100 million while maintaining fill rates above 94%.
CEO Ted Decker noted that 2023 was "a year of moderation" for the DIY and contractor supply retail giant.
North American full-year sales reached nearly $8.9 billion for a 4.0% annual gain. See our in-depth breakdown of Rexel's financials.
The restructuring includes a voluntary retirement offer and "rationalization and optimization" of certain DCs, stores and other facilities.
Overall 4Q and full year profit spiked on a deferred tax benefit, while sales continued low single-digit annual growth.
Meanwhile, gross margin at Resideo's manufacturing business unit saw solid improvement during 4Q23.
