Electrocomponents has reported an 11% sales decline in its first quarter. The company says trading trends improved across the quarter as mobility restrictions eased in key markets.

The Group exited the quarter with a like-for-like revenue decline of 7% in June.

EMEA took the brunt of COVID-19 with revenues down 13%. Sales in northern Europe fell 14%, southern Europe saw a 13% decline. Central Europe revenues dropped 10%.

Sales in the Americas declined 9%, and Asia-Pacific reported a 4% fall.

The company says that EMEA saw the most significant improvement across the quarter with continued share gains, while Americas has seen more limited recovery to date.

Asia Pacific saw continued growth in Greater China and Australia offset by the impact of lockdowns in other markets.

Digital revenue declined 12% on a like-for-like basis. Website revenue performed closely in line with the Group trend, however, e-procurement revenue underperformed due to temporary reduced demand from some key corporate customers.

RS PRO revenue declined 3% on a like-for-like basis, with a return to growth in June.

The company said, “Given the current operating environment remains uncertain, we remain highly focused on protecting profit and conserving cash. We are making good progress on our work to further simplify our operating model which we expect to drive significant savings in the medium term.

We are also accelerating key strategic initiatives to drive scale and efficiency to ensure we continue to gain market share and come out of this crisis well positioned for long-term value creation.”

Author

Comments are closed.