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(June web) AD-Grow-Faster-970x90-Q2

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.

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