Rexel CFO Favre Says European Sales Slowed in April
(Corrects title of CFO in first paragraph.)
Rexel SA (RXL) Chief Financial Officer Michel Favre said European sales growth slowed in April compared with the first quarter, partly because branches were closed on the eve of the May 1 holiday.
In April, “we have clearly a lower trend than in the first quarter,” Favre said on a conference call with journalists. “Europe is probably slowing down a little.”
Total sales growth in April was 1 percentage point “below the trend of the first quarter,” Favre said. For the rest of the year, “we have no expectations that there will be a quick recovery” in Spain and Italy, where sales are “probably bottoming” after slumping since the middle of last year.
In France, where sales rose 0.1 percent in the first quarter, “we expect to remain in this kind of waters” in coming months as consumers are “very, very cautious” on spending.
To contact the reporter on this story: Francois de Beaupuy in Paris at email@example.com
To contact the editor responsible for this story: Benedikt Kammel at firstname.lastname@example.org