In the Coronavirus-infected Q1 FY20, Rexel’s top-line dropped by a low single-digit. But, the performance is likely to deteriorate in Q2 FY20, as numerous countries continue to follow containment measures for most of the period. However, the multi-channel distributor is well-positioned to sail through the crisis, on the back of adequate liquidity and timely taken cost-cutting and cash-preserving actions.