Rona reports poor quarterly results

The Canadian market leader Rona has announced poor results for the second quarter (to 26 June 2011). Sales were down by 2.4 per cent on the same period last year to C $ 1.370 bn. This amounts to a deficit of 9.6 per cent in like-for-like terms. The company attributes the poor sales to the cold, wet weather in April and May, the weakening house-building sector and consumers’ reluctance to undertake renovations. This resulted in a sales loss of 3.1 per cent for the first half-year to C $ 2.288 bn, or 10.8 per cent like-for-like.