UK-based building materials distributor Wolseley plc reported sales for the nine months ended April 30, 2009, were £12 billion (US$19.2 billion), up 0.2% year-over-year. Excluding the impact of foreign currency, sales were down 15%. Pre-tax profit fell 80% – 88% in constant dollars – to £72 million (US$115 million).
Continued weakness across most markets, led by the commercial and industrial sectors in the U.S., and significant declines in the UK and Ireland and Nordic region, have led to continued cost reduction measures being implemented. These measures include further headcount reductions. In the nine month reporting period, Wolseley has reduced headcount by 13,746 worldwide – including the elimination of 5,317 positions through the exit from …
Wolseley Profit Off 80% In First 9 Months
UK-based building materials distributor Wolseley plc reported sales for the nine months ended April 30, 2009, were £12 billion (US$19.2 billion), up 0.2% year-over-year. Excluding the impact of foreign currency, sales were down 15%. Pre-tax profit fell 80% – 88% in constant dollars – to £72 million (US$115 million).
Continued weakness across most markets, led by the commercial and industrial sectors in the U.S., and significant declines in the UK and Ireland and Nordic region, have led to continued cost reduction measures being implemented. These measures include further headcount reductions. In the nine month reporting period, Wolseley has reduced headcount by 13,746 worldwide – including the elimination of 5,317 positions through the exit from …
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