Rona profit drops on lower sales, margins

Wed Nov 7, 2012 8:58am EST
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Nov 7 (Reuters) - Canadian home improvement retailer and distributor Rona Inc reported a drop in quarterly profit on Wednesday as sales and margins fell.

Net income attributable to participating shares fell to C$5.1 million ($5.1 million), or 4 Canadian cents a share, from C$47.8 million, or 36 Canadian cents, a year earlier.

Rona, which is pushing to turn around its business by refocusing on smaller format stores, said revenue fell 0.8 percent to C$1.34 billion as it cut prices in a tough market.