Rexel, Paris-based global distributor of electrical equipment, reported second-quarter sales for the period ended June 30, 2024, were €4.9 billion, up 1.8% from the prior-year period. The distributor attributed the growth in part to their M&A strategy in Europe and North America.
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North American sales were up 1.2% on a reported basis for the quarter, while sales in Europe increased by 2.1%. Asia-Pacific sales were up 4.1%.
Overall sales for the first six months were down 1.4% year-over-year, to €9.6 billion. Profit for the first half was €353 million.
In the second quarter, the four product categories related to electrification (solar, EV charging infrastructure, HVAC and industrial automation) represented 22% of sales and decreased by 8.5%.
Digital sales grew to 31% of total sales in the second quarter.
“In a more challenging environment, Rexel demonstrated in the first half the strength and resilience of its business model, delivering solid profitability and record-high free cash flow,” said Guillaume Texier, Rexel’s CEO. “Going forward, while remaining cautious about the market’s evolution in the second half, especially in Europe, we are confident in our ability to accelerate self-help action plans to deliver our 2024 guidance.”
