Rexel reported better-than-expected H1 23 results. The group reported sales and profitability ahead of consensus and our expectations. Driven by the sustained demand for its products, the management upgraded its full-year guidance. However, given that consensus was already close to the lower end of the range, the new guidance appears unimpressive against the backdrop of the strong show in H1. No wonder the share price fell (-2.7% at the time of writing). We remain cautious on the stock.
