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RS Group Q3 sales fall on weaker-than-expected markets
(Sharecast News) - Industrial parts distributor RS Group reported a 10% fall in third-quarter like-for-like sales on weaker-than-expected markets and slower unwinding of customer surplus inventory particularly in electronics and associated products. The company, formerly known as Electrocomponents, said its Americas' performance reflected higher exposure to automation and control and electronic products and small industrial manufacturers than the rest of the Group.
Like-for-like revenue of its industrial ranges fell 6% and electronics declined 23%.
"Third quarter trading was challenging reflecting the difficult economic backdrop, geopolitical uncertainty, weak industrial and electronic markets and customer surplus inventory in electronics," said chief executive Simon Pryce.
"We are seeing good contributions from our growth accelerators, with digital outperforming the broader business and RS PRO and service solutions both growing. Accelerated integration of our acquisitions is highlighting additional medium-term upside and the potential for significant further operational improvement benefits over time."
Reporting by Frank Prenesti for Sharecast.com
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