Rona reports quarterly loss, outlines transformation plan

Thu Feb 21, 2013 7:47am EST
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Feb 21 (Reuters) - Canada's top home-improvement retailer and distributor Rona Inc reported a quarterly loss on Thursday, due to charges related to restructuring, asset impairments and other one-time items.

The company also outlined a three-year transformational plan that will see it look to grow its core distribution business and scale back on its big-box store strategy outside of its home province of Quebec. In addition, Rona outlined plans to cut about 200 full-time positions at administrative offices across Canada.

The net loss in the fourth quarter was C$17.9 million ($17.6 million) or 15 Canadian cents a share. That compared with a year-earlier loss of C$153.6 million, or C$1.19 a share, when its results were hit by a very large goodwill impairment charge.

Excluding one-time items, the company said earnings in the period ended Dec. 30 fell to 5 Canadian cents a share, down from 15 Canadian cents a share, a year earlier.