Business
Strong growth for Richelieu in the third quarter of 2010
Strong growth for Richelieu in the third quarter of 2010
About this update from Richelieu Hardware Ltd
[{"type":"text","content":"\n\n\n\n Sep. 30, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\n >\n\n\nMONTREAL, Sept. 30 /CNW Telbec/ - Richelieu achieved strong growth during the third quarter and ended the period as at August 31, 2010 with an excellent balance sheet. With the strength of its organization, its innovation strategy and development initiatives, the Company benefited from the sustained robustness of Canadian markets and won new market share in the United States, where economic conditions remain uncertain. During the quarter, Richelieu closed one acquisition in Canada and another in the United States, and on September 27, it closed its fifth acquisition since the beginning of 2010.\n"Our strongest growth was posted in our key customer segments, notably the kitchen cabinet makers niche where sales grew by 18.5% in Canada and 14.2% in the United States, and we recorded significant increases in the Canadian home furnishing and office furniture manufacturers markets. We also highlight the 16.7% growth in our sales in U.S. dollars in the U.S. manufacturers market, attesting to our successful efforts to win new market share. Our consolidated sales totalled $116.0 million, up 8.2% over the third quarter of 2009, of which 4.6% from internal growth and 3.6% from acquisitions. As for the EBITDA margin, it improved to 14.7%, up from 13.9% in the corresponding quarter of 2009, and for the first nine months of the year, it stood at 14.2%, compared with 11.6% for the first nine months of 2009," i...