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RS Group expects LFL sales decline to ease
(Sharecast News) - Industrial maintenance, repair and operation products firm RS Group said it continues to expect a stabilisation in trading conditions over the current financial year, after a slight fall in like-for-like sales in the first quarter. The company, which employees more than 9,000 employees worldwide, said trading was in line with expectations in the three months to 30 June, with headline revenues up 3% on last year but down 3% on a LFL basis, which excludes acquisitions, foreign currency and differences in trading days.
As announced at the time of its annual results in May, RS expects an improvement in demand over the coming year, following an 8% decline in LFL revenues over the year ended 31 March. LFL revenue were down 3% across all three of its major regions (EMEA, Americas and Asia Pacific) in the first quarter.
"As trading conditions stabilise and comparatives get easier, the pace of decline in like-for-like revenue across all three regions continues to slow as anticipated," the company said in an AGM statement on Thursday.
"We are progressing well with our cost savings programme, the integration of our acquisitions, and investment in operational efficiencies and system enhancements. We remain confident this multiyear investment will improve future operating leverage and returns."
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