Jun 9, 2023
Ferguson third quarter sales dip
Ferguson plc had net sales of $7.1 billion for the third quarter of 2023, down 2% below net sales in the third quarter of 2022. The decrease was mainly driven by declines in residential sales and was partially offset by growth in non-residential sales compared to the prior year period. Gross margin of 30% was 30 basis points lower than last year, impacted by certain commodity categories. Operating profit was $497 million at 7% operating margin, 30.2% lower than last year, in part due to branch closure and software impairment charges. Net sales in the Canada segment decreased 9.5% year over year, while net sales in the US segment decreased 1.6%. For both segments, non-residential end markets were more resilient than residential end markets.
Sign up for our Daily News Alerts to receive relevant industry news, articles, and previews for our next issue of Home Improvement Retailing. Delivered directly to your inbox. Subscribe here.