Bossard’s second trimester sales slip 9 percent
Industrial Distribution staff -- Industrial Distribution, 10/7/2008 9:40:00 AM
Sales for Bossard Group slid 8.6 percent to $176.7 million during the second trimester of fiscal 2008, compared with $193.2 million during the same period last year.Net income for the Swiss fastener manufacturer rose 16.5 percent to $10.7 million, compared with $9.2 million during the second third of 2007.
Bossard attributed the sales decline to the slide in the dollar’s value against the Swiss franc. The increase in profits was largely due to reduced operating costs, Bossard said in a statement.
United States sales fell 4.6 percent—a decline of 17.8 percent in Swiss francs, due to the low value of the greenback.
“In America, Bossard is still benefiting from the positive business development of one major customer . Most of its other U.S. customers have been variously affected by the economic slowdown,” the company said in the statement.
In Europe, sales slid 4.9 percent, with declines in Western European markets overtaking growth in Eastern Europe. In Asia, sales grew 5.3 percent despite declining revenues in India and Taiwan.
“It is difficult to make a forecast with regard to global demand for Bossard’s products and services against the background of recent developments ion the financial markets and the uncertain development in our core markets. For the last four-month period of 2008, we expect demand to decline further,” the company said in the statement. “However, we are still confident with regard to operating profit and consolidated net income and expect to surpass the prior year’s results.”
Bossard ranked 21st on INDUSTRIAL DISTRIBUTION's 2008 Big 50 list of distributors, with 2007 sales of $498.7 million.
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