MONTREAL – Richelieu Hardware, buoyed by a strong fourth quarter, broke the $1 billion sales barrier for its fiscal year ended Nov. 30, 2020.

The company reported that total sales reached $1.128 billion representing an 8.3% increase over 2019. In addition, the company said its earnings before income taxes, interest and amortization (EBITDA) amounted to $154.5 million, up 24.4% from FY 2019.

Richelieu ended the year on a high note. Its fourth quarter sales totaled $319 million, an increase of 20.4% over its fourth quarter a year earlier.

The company’s fiscal year sales also received a boost from the completed acquisitions of five North American distributors in 2020. Richelieu said the combined sales of these companies add $70 million on an annual basis.

Other highlights for FY 2020 include:

• Sales to manufacturers increased 4.5% to $938.2 million.
• Sales to hardware and superstore retailers increased 32.2% to $189.7 million.
• Canadian sales increased 6.4% to $730 million.
• U.S. sales increased 10.7% to $296.3 million.

"In 2020, Richelieu (TSX: RCH) achieved solid growth under the circumstances,” said Richard Lord, president and CEO. “Our improved results reflect our one-stop shop service approach, our innovation strategy, the diversification of our market segments, as well as the substantial contribution of our acquisitions and rigorous cost control.”