Wolseley reported Q3 FY16 numbers broadly in line with our estimates after our last report on 1 June. The lfl revenue growth was up 2.8% (our estimate: +2.8%), driven by robust growth in the US (lfl: +5% vs our estimate: +4.5%; c.80% of trading profit) but once again knocked down by commodity deflation (-1.4% impact on the group’s lfl revenue growth), weak industrial business in North America (now accounts for 13% of US revenue vs 15% in 2015) and sluggish RMI activity in the UK (lfl: -
03 Jun 2016
Performance meets estimates; patchy start for Q4
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Performance meets estimates; patchy start for Q4
Ferguson Plc (FERG:LON) | 0 0 (-1.0%) | Mkt Cap: 34,377m
- Published:
03 Jun 2016 -
Author:
Nishant Choudhary -
Pages:
3
Wolseley reported Q3 FY16 numbers broadly in line with our estimates after our last report on 1 June. The lfl revenue growth was up 2.8% (our estimate: +2.8%), driven by robust growth in the US (lfl: +5% vs our estimate: +4.5%; c.80% of trading profit) but once again knocked down by commodity deflation (-1.4% impact on the group’s lfl revenue growth), weak industrial business in North America (now accounts for 13% of US revenue vs 15% in 2015) and sluggish RMI activity in the UK (lfl: -