UK-based Wolseley plc, distributor of plumbing and heating products and building materials, reported group sales for the three months ended Oct. 31, 2008, were up 2% from the same period a year ago. Profit was down about 30%.
Results continue to be impacted by the events in the financial markets and weakness in the housing markets. The decline in profit was primarily due to lower profitability in Stock Building Supply and Wolseley UK.
While these results reflect a further deterioration in the business environment in the first quarter it was not unexpected, and, we continue to react swiftly to market conditions with aggressive but measured cost reduction,”said Chip Hornsby, group chief executive. “In these unprecedented circumstances, the key priorities remain …
Wolseley Profit Declines 30% in 1Q
UK-based Wolseley plc, distributor of plumbing and heating products and building materials, reported group sales for the three months ended Oct. 31, 2008, were up 2% from the same period a year ago. Profit was down about 30%.
Results continue to be impacted by the events in the financial markets and weakness in the housing markets. The decline in profit was primarily due to lower profitability in Stock Building Supply and Wolseley UK.
While these results reflect a further deterioration in the business environment in the first quarter it was not unexpected, and, we continue to react swiftly to market conditions with aggressive but measured cost reduction,”said Chip Hornsby, group chief executive. “In these unprecedented circumstances, the key priorities remain …
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