May 12, 2009 / 1:27 PM / in 8 years

UPDATE 1-Rona posts quarterly loss as economy bites

* Share loss C$0.02 vs year-ago loss C$0.02

* Revenue drops 7.1 percent to C$846 million

* Same store sales down 8.5 percent

(Adds details)

TORONTO, May 12 (Reuters) - Rona Inc RON.TO reported a first-quarter loss on Tuesday on weak same store sales as slumping consumer confidence and a bleak housing market hurt Canada’s biggest home-improvement chain.

The retailer, with about 680 stores across the country, said it lost C$2.5 million ($2.2 million), or 2 Canadian cents a share, in the first quarter, compared with a loss of C$2.4 million, or 2 Canadian cents, in the same quarter last year.

Revenue fell 7.1 percent to C$846 million.

Analysts were expecting, on average, a loss 3 Canadian cents a share before items and revenue of C$888.2 million, according to Reuters Estimates.

Same-store sales, a measure of the performance of stores opened for at least a year, slipped 8.5 percent due the slumping economy, poor weather at the start of the year and the poor housing market in western Canada. ($1=$1.16 Canadian) (Reporting by Scott Anderson)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below