MONTREAL – Richelieu, a North American distributor, importer and manufacturer of specialty hardware and complementary products, reported that its U.S. sales climbed 27.0% during the third quarter helping push the its overall Q3 revenues by 9.3%.
Richelieu recorded a net gain of $12.7 million in consolidated sales for Q3 in reaching $148.8 million. U.S. sales contributed $34.2 million of the total. The growth U.S. sales growth spike was greatly aided by Richelieu’s recent $2.4 million purchase of Indianapolis, IN-based CounterCo. It was Richelieu’s sixth purchase of a U.S. company in the past two years.
Manufacturing sales accounted for $124.3 million of the total, an increase of 8.8% from Q3 of last year. Richelieu also grew its retail hardware sales by 11.9% to $24.5 million compared to Q3 2011.
Through the first nine months, Richelieu reported total consolidated sales of $420.0 million, an increase of $31.5 million or 8.1% over the first nine months of 2011.
"Our performance attests that strategies are still paying off. Our Canadian markets continued to make a significant contribution to our growth, yielding increases of 3.5% in the manufacturers market and 5.6% in the retailers and renovation superstores market, stemming entirely from internal growth,” said Richard Lord, president and CEO of Richelieu. “Our U.S. activities achieved solid growth, as reflected by the 27.0% (US$) sales increase, of which 13.9% from internal growth and 13.1% stemming from the contribution of CourterCo, acquired on May 1, 2012.”
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