Canadian retailer and distributor of home renovation, hardware and gardening products RONA Inc. (TSX: RON), Boucherville, Quebec, reported sales of $1.32 billion for the third quarter, down 4.4% from third quarter 2008. Same store sales fell 5.3%. Profit declined 6.5% to $49.1 million.
Same store sales fell 5.3% during the quarter, primarily due to lower demand for forest products, building materials and seasonal items. Sales in the distribution sector were down 1.6%.
“As anticipated, we glimpsed the first signs of recovery in our industry during the third quarter. Same-store sales in our store network continued to decline, but more slowly than at the beginning of the year. Our industry has noted some encouraging statistics in the last few months, including home resales and average home prices,” said Robert Dutton, president and CEO.
For the first nine months of 2009, sales were $3.54 billion, down 6.1% from the prior year period. Profit decreased 15.2% to $107.4 million.