Richelieu Earnings Down

Richelieu Hardware’s net earnings were $22.6 million in the first quarter of this year, down 25.4 per cent compared to the previous fiscal year. The decline was mainly due to the increase in the amortization of rights-of-use assets related to business acquisitions and expansion projects, mainly in the United States, as well as interest on the line of credit. Sales were $403M, up 4.8 per cent with internal growth accounting for 1.8 per cent and three per cent from acquisitions. Canadian sales increased 0.7 per cent.