Richelieu president reports ‘sharply improved results’ to open 2022
April 21, 2022 | 6:59 pm CDT
Richelieu Decorative Hardware 2022 Closets Expo

MONTREAL – Richelieu, a supplier of hardware and other products for the North American wood products industry, reported sales of $384.5 million for its first quarter ended Feb. 28. The company said Q1 2022 sales increased 29.2% compared ed Q1 2021.

U.S. sales increased 48.0% to $121.2 million while Canadian sales increased 19.3% to $230.5 million. The substantial increase in U.S. sales included contributions from three companies that Richelieu acquired at the end of 2021: Compi Distributors., HGH Hardware Supply, and National Builders Hardware. Richelieu said it expects these companies to add approximately $100 million in sales on an annual basis.

Richelieu currently has 106 distribution centers including 57 in the United States and 49 in Canada.  

“Richelieu started the 2022 fiscal year with sharply improved results, reflecting solid internal growth as well as a substantial contribution from acquisitions in the first quarter ended February 28,” said Richard Lord, president and CEO. “Thanks to our interconnected network, our strategies of continuous innovation, acquisition, and multi-access service, we have seized the opportunities generated by the diversified and vigorous markets we serve. The financial performance of the first quarter, both in Canada and the United States, is all the more satisfactory since the first three months of the year are historically the weakest.”

Have something to say? Share your thoughts with us in the comments below.

Profile picture for user richchristianson
About the author
Rich Christianson | President/Owner/C-Level

Rich Christianson is the owner of Richson Media LLC, a Chicago-based communications firm focused on the industrial woodworking sector. Rich is the former long-time editorial director and associate publisher of Woodworking Network. During his nearly 35-year career, Rich has toured more than 250 woodworking operations throughout North America, Europe and Asia and has written extensively on woodworking technology, design and supply trends. He has also directed and promoted dozens of woodworking trade shows, conferences and seminars including the Cabinets & Closets Conference & Expo and the Woodworking Machinery & Supply Conference & Expo, Canada’s largest woodworking show.