Richelieu Hardware Ltd T.RCH

RICHELIEU RECORDED SOLID RESULTS

[Betteryear2]

MONTREAL, Jan. 18, 2024 /CNW/ - "Richelieu posted solid results in the fourth quarter with sales of $453.6 million, down slightly by 0.8%, substantially comparable to those of the corresponding quarter of 2022, which posted a 15% increase in a market favorably impacted by the pandemic. Our performance attests to the strength and expertise of our team, our ability to differentiate ourselves through outstanding customer service, and to make growth-enhancing acquisitions while pursuing innovation for our customers. For the 12 months of 2023, we are satisfied with our sales of $1.8 billion, in line with those of 2022. Despite the return to pre-pandemic levels of certain operating expenses and charges related to major expansion projects in our network, we achieved good net earnings and our financial position remains solid. The six acquisitions closed in 2023 added to the four completed in 2022 represent additional annual sales of $152 million. Richelieu is solidly positioned to pursue its strategies and create further value by building on its solid financial position," mentioned Richard Lord, President and Chief Executive Officer.

RICHELIEU RECORDED SOLID RESULTS FOR THE FOURTH QUARTER OF 2023 (newswire.ca)