Richelieu Hardware Has Strong Quarter

Richelieu Hardware Ltd. had sales of $373.3 million in the third quarter of 2021, up 20 per cent over sales in the third quarter of 2020 – 5.9 per cent from acquisitions and 14.1 per cent internal. Net earnings were $38.7 million. Additionally, the company pursued an active expansion strategy with the closing of five acquisitions in North America, for potential sales of $75 million on an annual basis, and opened two additional distribution centres in the U.S. Specifically, in Canada, Richelieu recorded sales of $246.2 million, an increase of 43.2 per cent over the third quarter of 2020, 12.9 per cent from internal growth and 8.4 per cent from acquisitions. “The manufacturers' market benefited from increased demand in the renovation market, achieving sales up 32.5 per cent in Canada and 36.7 per cent in the U.S. The retail market declined by 14.8 per cent in Canada and 21.6 per cent in the U.S. – thus returning to a pre-pandemic business volume," says Richard Lord, president and chief executive officer of Richelieu.