RONA Inc., Canadian retailer and distributor of home improvement, hardware and gardening products, reported sales grew 13.1% in fiscal 2006; organic growth (without major acquisitions) was 6%. Profit reached $190.6 million, up 8.8% over 2005.
Same-store sales were up 1.3%.
“RONA’s 2006 results are in line with our 7-07 target, said Chief Executive Robert Dutton. “Our growth was both solid and profitable: Network retail sales are now nearing the  ; $6 billion mark and earnings have increased for the 16th straight year. We also made significant progress against all our benchmarks, especially those related to operating efficiency.”
“Still promising in the medium and long term, our market is being affected by the current economic situation, particularly in Eastern Canada. Also, unseasonably mild weather in November and December adversely affected sales of seasonal items. Given the situation, I’m happy to see that the decisions we made are bearing fruit, namely, to boost store service quality. This measure, among others, is not only stimulating sales in the near term but will also help fuel growth farther down the road.
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