Ferguson sales drop 21.4%, but decline is slowing.
Wolseley’s unaudited financial report for its fiscal half-year ended January 31 showed an overall drop in revenues of 15.1% compared with the similar period a year ago. This included a 21.4% decline in revenues to $3.87 billion for its Ferguson unit, Wolseley’s largest business entity, which provides 37% of overall company revenues. Ferguson profits dropped 44% to $159 million.
Wolseley also said that Ferguson further reduced its workforce by 835 in the first half. “This brings the cumulative headcount reduction in Ferguson to 6,946, or 30% of its employees over thetwo and a half years to 31 January 2010,” Wolseley reported.
Despite continuing losses, Wolseley stated that “Ferguson continued to perform ahead of the overall market in the period, despite challenging conditions.”
Click here for more details.