REH has reported a 3% YoY increase, reaching AU$2,359 million in Q1 FY24 sales

Reece Limited (ASX: REH) has released its Q1 FY24 sales update. The Group achieved a sales revenue of AU$2,359m in the first quarter, showing a 3% increase compared to last year. This growth is also evident when adjusted for constant currency, with a 1% increase. Sales revenue in Australia and New Zealand (ANZ) experienced a 3% rise, while sales revenue in the US remained flat when measured in USD.

Peter Wilson, the CEO of the Group, expressed satisfaction with the Q1 sales, surpassing their expectations despite substantial growth in the same period last year. This achievement was primarily due to persistent inflation and activity backlogs in the ANZ business. As anticipated, the US performance showed a weaker demand scenario and a quicker decline in inflation.

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