MONTREAL - Richelieu Hardware continued to record strong sales gains in the United States while posting a nominal profit gain overall in the first quarter of 2013 compared to that of 2012 - $8.17 million vs. $8.02 million (CAD).
The company's Q1 consolidated sales increased 1.6% to $126.1 compared to Q1 of 2012. A 2.9% drop in Canadian sales was offset by gains in the United States. Sales in the United States climbed 20.1%, built largely on Richelieu's acquisitions of six east and Midwest based hardware distributors, the most recent being CounterCo of Indianapolis, IN.
"Historically, the first quarter is the weakest period of the year as it includes fewer business days due to the holidays and renovation and construction work is slower during the winter months," said Richard Lord, president and CEO of Richelieu. "Our results are all the more appreciable as we also witnessed an overall market slowdown during the period."In the U.S., our penetration initiatives in the manufacturers and retailers markets yielded further benefits, leading to a 20.1% sales growth in U.S. dollars."
Richelieu is fresh off a successful showing at the 2013 Cabinets & Closets Expo in Edison, NJ, and is gearing up to exhibit at the 2013 Woodworking Machinery & Supply Expo (WMS), Canada's national woodworking show, Oct. 24-26 in Toronto.
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