Richelieu Hardware's U.S. Sales Climb 10.6% in Q1

By Rich Christianson | Posted: 04/13/2014 12:24PM

 

MONTREAL - Richelieu Hardware's first quarter sales rose 3.8% in the first quarter, powered by a 10.6% boost in U.S. sales activity.

Richelieu, which acquired six East Coast and Midwest-based hardware distributors in recent years, reported that U.S. sales reached $34.6 million accounting for 27.6% of its quarterly consolidated sales totaling $136.1 million. Sales to manufacturers increased 9.3% to $113.9 million over Q1 of 2013 while sales to hardware retailers and renovation superstores increased 1.5% to $22.2 million.

Richelieu's net earnings increased by 8.2%.

Richelieu's overall sales were enhanced by a pair of new acquisitions: High-Tech Glazing a Vancouver-based distributor of door and window hardware and Procraft, a distributor of wood coatings and related products based in Fredericton, NB.

"We continue to focus on our innovation and acquisition strategies and the creation of sales and operational synergies," said Richard Lord, president and CEO of Richelieu.

RIchelieu Brillante Collection Richelieu exhibited at the 2014 Cabinets & Closets Conference & Expo last week in Somerset, NJ. The company also sponsored the presentation of the 2013 CWB Design Portfolio Awards and the 2014 Closets Top Shelf Design Awards.

 

About the Author

Rich Christianson

Rich Christianson is Associate Publisher and Editor at Large of Woodworking Network. During his 25+ years covering the wood products industry, Rich has toured hundreds of manufacturing plants throughout North America, Europe and Asia. His reporting has covered everything from the state of the industry and impact of wood imports to technology and environmental issues. In his current capacity he is responsible for editing the daily Woodworking Network Update newsletter and coordinating events including the annual Cabinets & Closets Conference & Expo and Canada’s biennial Woodworking Machinery & Supply Expo. He can be contacted at rchristianson@woodworkingnetwork.com or follow him on Google+.

Read more of Rich Christianson's blogs.


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