Wolseley plc, distributor of plumbing and heating products to professional contractors and a supplier of building materials, reported overall that sales for the first nine months ended April 30, 2008, were up 2% and profit fell 23%.
As a result of what the distributor called tough market conditions, Wolseley has made further cost reductions in North America since April 30, 2008. The distributor has:
-closed 75 branches and reduced headcount by 200 at Ferguson
-closed or consolidated an additional 15 locations in Canada, with a reduced headcount of 50 people
Given the continuing tough market conditions, our response has been to take further action to lower the cost base and improve cash flow, while continuing to pursue our longer term strategic …
Wolseley Closes 75 Ferguson Branches, Cut Headcount
Wolseley plc, distributor of plumbing and heating products to professional contractors and a supplier of building materials, reported overall that sales for the first nine months ended April 30, 2008, were up 2% and profit fell 23%.
As a result of what the distributor called tough market conditions, Wolseley has made further cost reductions in North America since April 30, 2008. The distributor has:
-closed 75 branches and reduced headcount by 200 at Ferguson
-closed or consolidated an additional 15 locations in Canada, with a reduced headcount of 50 people
Given the continuing tough market conditions, our response has been to take further action to lower the cost base and improve cash flow, while continuing to pursue our longer term strategic …
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