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 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.
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