Rona results flat on shaky consumer confidence

Thu Feb 25, 2010 1:01pm EST
 
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TORONTO (Reuters) - Rona Inc reported a flat quarterly profit on Thursday as a sluggish home renovation market and low consumer confidence hampered the results of Canada's biggest home-improvement chain.

The Montreal-based company with about 700 stores across the country said it earned C$30.8 million ($28.9 million), or 24 Canadian cents a share, compared with C$29.8 million, or 25 Canadian cents a share, a year earlier.

The 2009 earnings per share saw a 2 Canadian cent hit following a stock issue last year.

Revenue rose 1.5 percent to C$1.14 billion as same-store sales climbed 0.7 percent.

Analysts, on average, had expected earnings of 21 Canadian cents a share before one-time items, and revenue of C$1.11 billion, according to Thomson Reuters I/B/E/S.

($1=$1.06 Canadian)

(Reporting by Scott Anderson, editing by Gerald E. McCormick)