Richelieu Profit Rises, Sees Stronger Year
September 26, 2001
MONTREAL - Third-quarter profit at Richelieu Hardware Ltd. rose 19.5 percent on higher sales, the company said on Wednesday, adding that it expects improved results for the year.
Richelieu said net profit was C$4.1 million ($2.6 million) or 18 Canadian cents a share in the third quarter ended Aug. 31, up from C$3.4 million or 15 Canadian cents a share in the year-earlier period. Sales rose 16 percent to C$58.5 million from C$50.6 million.
"Everything indicates that we should close the year as at Nov. 30, 2001, with our results up significantly over the previous year, especially with our latest acquisitions closed in July and August, namely White Wood Thunderbay and Onward Hardware, two Ontario distributors that will fully contribute to our results for the fourth quarter," Richard Lord, president and chief executive, said in a statement. |
