Internal Growth Drives Richelieu Sales

For the quarter ended February 28, Richelieu Hardware saw its consolidated sales reach $297.6 million, compared with $249.4 million for the corresponding quarter of 2020, an increase of 19.3 per cent, of which 17.1 per cent resulted from internal growth and 2.2 per cent from acquisitions. It achieved sales of $241.8 million in the manufacturers market, compared with $207.9 million for the first quarter of 2020, an increase of $33.9 million or 16.3 per cent increase, of which 13.6 per cent resulted from internal growth and 2.7 per cent from acquisitions. Sales to hardware retailers and renovation superstores stood at $55.8 million, up $14.3 million or 34.5 per cent resulting from internal growth. This increase in sales is attributable to the favourable fallout from strong demand in the renovation market. In Canada, it recorded sales of $193.2 million, an increase of $36.5 million or 23.3 per cent over the first quarter of 2020, of which 22.5 per cent resulted from internal growth and 0.8 per cent from acquisitions. Sales to manufacturers amounted to $153.2 million compared with $127.5 million in the first quarter of 2020, an increase of 20.2 per cent of which 19.1 per cent resulted from internal growth and 1.1 per cent from acquisitions. Sales to hardware retailers and renovation superstores grew to $40 million, up $10.8 million or 37 per cent, entirely from internal growth, over the corresponding quarter of 2020.