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| Version 1 | Version 2 |
|---|---|
| Wolseley to shed 2,300 more jobs | Wolseley to shed 2,300 more jobs |
| (10 minutes later) | |
| Plumbing and building materials firm Wolseley says it is to cut 2,300 more jobs, the majority in the UK, and close more than 200 branches. | |
| The company, which operates in Europe and North America, said it had already cut 5,000 posts in the August to October period. | The company, which operates in Europe and North America, said it had already cut 5,000 posts in the August to October period. |
| Wolseley said trading conditions were expected to worsen in the short-run. | |
| "We continue to react swiftly to market conditions with aggressive but measured cost reduction," the company said. | "We continue to react swiftly to market conditions with aggressive but measured cost reduction," the company said. |
| Profits for the three-month period to 31 October were down by about 45%. | |
| "While these results reflect a further deterioration in the business environment in the first quarter, it was not unexpected," said chief executive Chip Hornsby. | |
| "In these unprecedented circumstances, the key priorities remain driving cost reduction and enhancing cash flow to ensure the group remains compliant with its banking covenants." | |
| Wolseley has been hard-hit by the housing downturn in both the US and the UK. |