RONA Inc., Boucherville, Quebec, reported sales of $1.47 billion for the second quarter, a slight increase from the same quarter 2007. Profit was $80.1 million, a 7% decrease from the prior year. Same-store sales for the period were down 4.4%.
For the first half of 2008, sales were $2.38 billion, a 1.6% increase over the first half of 2007. Profit dropped 14.8% to $81.1 million. The decline is attributable in part to downward pressure of sales in the construction and renovation industry due to lower consumer confidence levels.
Results for the second quarter of 2008 clearly show that the efficiency improvement measures we introduced at the beginning of the year are producing gains and have helped mitigate the downward pressure on sales stemming from the current slowdown in the economy,"said RONA President and CEO Robert Dutton.
RONA, a Canadian distributor and retailer of hardware, home renovation and gardening products, operates a network of close to 700 corporate, franchise and affiliate stores with more than 27,000 employees.