Electrical distribution giant Rexel said its same-day sales dipped by more than 2% in its latest fiscal quarter amid a "more challenging" market — particularly in Europe.
In North America, the company said the third quarter saw "positive evolution" due to strong backlog execution in both residential and non-residential segments. Officials also noted that recent acquisitions gave a boost of more than 3% to its total revenue number.
The company, however, lowered its overall 2024 outlook to reflect the sluggish environment in Europe, and said that it would accelerate a "structural transformation" to meet projected cost-savings goals by the end of next year.
"In this more challenging context, the Rexel teams are performing particularly well, limiting the drop in volumes compared to construction market metrics, gaining market share, succeeding in reducing our cost base in line with volume while still delivering great service to our customers," Rexel CEO Guillaume Texier said in a statement.
