Earnings fall at Stock, Ferguson
Wolseley, the parent company of Stock Building Supply and Ferguson Enterprises, reported a 10 percent drop in revenues for its North American division during the five-month period ending Dec. 31, 2007. Earnings for the division, which also includes Wolseley’s Canadian operations, fell more than 40 percent.
Stock lost approximately 25 million pounds (US$49.3 million) in the five-month period, compared to a 45 million pound (US$88.7 million) profit in the comparable period a year ago. The Raleigh, N.C.-based pro dealer eliminated 1,500 jobs in the first quarter.
Plumbing wholesaler Ferguson saw a 3 percent rise in revenues due to acquisitions but a 3 percent drop in organic sales growth during the period. Profits were down 3 percent for the Newport News, Va.-based company. Since August 2007, Ferguson’s headcount has been reduced by 1,500.
Stock and Ferguson are no longer obligated to report their financial results to the U.S. Securities and Exchange Commission. Wolseley delisted from the New York Stock Exchange, effective Dec. 31, 2007, as a cost-saving measure, according to the company. Wolseley’s shares continue to trade on the over-the-counter market. The company is also listed on the London Stock Exchange.
Headquartered in Reading, England, Wolseley is an international building materials distributor with nearly 5,000 branch operations in 28 countries.