Wolseley hit by weak European trading

However, weaker-than-expected sales across Europe sent the company’s shares down in early trading.

Wolseley, operator of the Plumb Centre and Ferguson chains in Britain and the United States, saw its trading profit increase by 10.3 per cent in the third quarter, to £139m ($218.3m).

That growth came on the back of strong performance in North America, where like-for-like sales grew by 9.4 per cent in the US and 7.9 per cent in Canada.

But like-for-like sales dropped by 1.7 per cent in Nordic countries, and by 6.1 per cent in France. Analysts said that weak performance was responsible for a sell-off in Wolseley shares.

Total like-for-like revenues in Wolseley’s stores increased by 3.8 per cent in the third quarter compared to the same period in 2011.

In the UK, which represents about 15 per cent of Wolseley’s sales, like-for-like revenues shrank by 0.4 per cent.

Wolseley employs 360 staff at its base in Ripon, North Yorkshire.