Canada's Rona reports higher profit on cost savings

Tue Nov 12, 2013 11:50am EST
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TORONTO Nov 12 (Reuters) - Canadian home improvement retailer and distributor Rona Inc reported a higher quarterly profit on Tuesday, helped by cost savings that met the company's targets.

Net income rose to C$30 million ($28.59 million), or 25 Canadian cents per share, from C$5.5 million, or 5 Canadian cents per share earned during the same period last year.

Total revenue slid 4.3 percent to C$1.17 billion, primarily due to $18.2 million in lost sales from store closures and a 2.4 percent decline in sales at established stores.