Shares of Rexel plunged by 5.29% to EUR18.70 on Friday, following the company's release of its third-quarter results, which fell short of market expectations. This marks a 14% decrease over the past month.
Rexel reported a 3.1% drop in Q3 sales, amounting to 4.7 billion euros ($4.97 billion). However, on a same-day basis, the company saw a sales increase of 2.6%, demonstrating some resilience amidst challenging market conditions.
The performance of non-wire products, a crucial factor for Rexel's performance, was underwhelming with only a 1.3% rise in prices. This failed to meet Citi's anticipated increase of between 2-3%, adding to market skepticism about the company's performance.
Despite these setbacks and contrary to market expectations, Rexel maintained its full-year guidance. This move signals the company's confidence in its business strategy and its ability to navigate through the current market headwinds.
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