RONA income down in Q3
RONA, one of Canada’s largest retailers of building materials and home improvement items, announced C$1.38 billion in sales for the third quarter of 2008, a 2.3 percent increase over sales of C$1.35 billion in the same period last year. Operating income was C$115.5 million in the third quarter of 2008, down 5 percent from the corresponding quarter of 2007.
Same-store sales dropped 2.3 percent.
In a prepared statement, RONA president and CEO Robert Dutton said the company’s results were affected by “[low] consumer confidence levels in Canada as well as from the decline in construction and renovation activities, especially in Alberta and Ontario.” He added, however, that renovation activity was still healthy in Quebec and the Atlantic Provinces.
Based in Boucherville, Quebec, RONA operates a network of 700 franchise, affiliate and corporate stores generating more than C$6.3 billion in annual retail sales.