Plumbing supplies group Reliance Worldwide (ASX:RWC)
report a strong first quarter sales in its US business.
Sales in the Americas have continued to grow strongly in September with improved sales in wholesale channels and continued recovery in the Canadian market.
US retail and hardware point of sales growth in September has been relatively consistent with July and August trends.
The increased rate of sales growth in September is primarily explained by the carryover of orders from August as a result of general logistics timing.
But they do not currently expect this elevated level of demand to continue through FY2021 particularly as US Government Covid-19 stimulus measures wind down.
Reliance Worldwide (ASX:RWC)
are trading 11.5 per cent higher at $4.26.