Richelieu Hardware reports third-quarter profit and sales up from year ago

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MONTREAL — Richelieu Hardware Ltd. says its third-quarter profit rose nearly 40 per cent compared with a year ago as sales also climbed higher.

The maker of specialty hardware and other products says profit attributable to shareholders was $38.7 million or 69 cents per diluted share for the quarter ended Aug. 31.

The result compared with a profit of $28.7 million or 50 cents per diluted share in the same quarter a year earlier.

Sales for the quarter totalled $373.3 million, up from $311.2 million a year ago.

Richelieu says sales in the manufacturers market totalled $318.8 million compared with $244.6 million a year ago, while sales to hardware retailers and renovation superstores stood were $54.5 million, down $12.1 million from a year ago.

The company says it has closed five acquisitions in North America since the start of the year and opened two distribution centres in the United States.

This report by The Canadian Press was first published Oct. 7, 2021.

Companies in this story: (TSX:RCH)

The Canadian Press

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