Rona reports smaller loss, chairman to step down

Wed May 9, 2012 11:38am EDT
 
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(Reuters) - Canadian home improvement retailer Rona Inc RON.TO reported a smaller quarterly loss on Wednesday, and Chairman Jean Gaulin told shareholders at the company's annual meeting he would step down.

Rona's net loss for the quarter ended March 25 was C$13.3 million ($13.2 million), or 10 Canadian cents a share, compared with a loss of C$17.6 million, or 13 Canadian cents, a year earlier.

Revenue rose 1.8 percent to C$934.9 million. Sales at established stores, a key measure for retailers, fell 0.8 percent.

(Reporting By Allison Martell)