Richelieu Q2 sales decrease

Richelieu had sales of $472.1 million for the second quarter of 2023, a decrease of 3.2% compared to sales of $487.9 million in the second quarter of 2022. Earnings before income taxes, interest, and amortization (EBITDA) was $61.5 million, down 21% from the corresponding quarter of 2022, mainly due to the return of operating expenses closer to pre pandemic levels as well as costs related to external storage, due to temporary inventory increase. Gross margin remained stable. As a result, the EBITDA margin was 13%, compared with 16% for the corresponding quarter of 2022. The company had net earnings of $31.2 million, down 33.9% from the prior year 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.