The company reported a quarterly profit of C$29.2 million, or 53 Canadian cents per share, marking a 22% increase over the same period last year. This bottom-line growth included a 4-cent-per-share boost from successful tariff refund claims. Regional performance remained steady, with Canadian sales climbing 10% and U.S. operations expanding by 13% in local currency terms.
In section Market Quotes
Richelieu Hardware Profit Climbs 22% on Major Retailer Gains
A surge in deliveries to a single major U.S. client propelled Richelieu Hardware to a strong third quarter, driving revenue up 13% to C$562 million. The Canadian firm outperformed previous benchmarks, bolstered by both robust market demand and a strategic expansion of its North American retail footprint.
Driving the momentum was a 21% spike in sales to home-improvement superstores and retailers, significantly outpacing the 12% growth seen in the manufacturing sector. Beyond organic growth, the company aggressively pursued external expansion, finalizing two acquisitions during the quarter. This included the September 1 purchase of the Penrod Hardware Division, the largest acquisition in Richelieu's history, which is projected to add US$70 million in annual sales.
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