Business
Richelieu announces its results for the third quarter of 2009
Richelieu announces its results for the third quarter of 2009
About this update from Richelieu Hardware Ltd
[{"type":"text","content":"\n\n\n\nOct. 1, 2009 (Canada NewsWire Group) -- MONTREAL, Oct. 1 /CNW Telbec/ -- For the third quarter of 2009, Richelieu recorded net earnings of $8.9 million or $0.40 per share on sales of $109.4 million, compared with net earnings of $9.6 million or $0.42 per share on sales of $111.8 million for the corresponding quarter of the previous fiscal year. For the nine-month period ended August 31, 2009, net earnings totalled $20.5 million or $0.93 per share on sales of $313.7 million, compared with net earnings of $25.4 million or 1.11 per share on sales of $322.7 million for the first nine months of the previous fiscal year.Richard Lord, President and Chief Executive Officer of Richelieu, said he was \"pleased with these results, which were achieved even though the business context was somewhat more difficult for our activities in the manufacturers market, especially in the United States, Central and Western Canada. Conversely, we recorded a solid performance in Eastern Canada, in our two major markets - manufacturers and retailers. Note that the retailers and renovation superstores market, which accounted for 20% of the quarter's sales, registered significant growth across our Canadian network. We were able to maintain satisfactory profit margins by making concerted efforts to control expenses in accordance with the action plan we adopted at the beginning of the fiscal year. These operating results further strengthened our already excellent financial position and our ability to take advantage of growth opportunities in North America.\"\"Despite the more challenging environment, we continued to increase our market share during the period. Several new customers have been recruited every month since the beginning of the year, which bodes well for our future growth once the economy further recovers,\" added Mr. Richard Lord.OPERATING RESULTS FOR THE THIRD QUARTER AND FIRST NINE MONTHS ENDEDAUGUST 31, 2009 COMPARED WITH THE THIRD QUARTER AND FIRST NINE MONTHSENDED AUGUST 31, 2008Third-quarter consolidated sales totalled $109.4 million, down by $2.4 million or 2.1% from the third quarter of 2008, considering a 2.5% internal decrease and a 0.4% growth from the July 2008 acquisition of Acroma Sales Ltd. (\"Acroma\"). This decline primarily reflects a reduction in residential and commercial renovation spending, especially in the United St...