Richelieu earnings fall on higher sales

Richelieu Hardware last week reported Q1 sales of $403 million, up $18.5 million (4.8 percent) from $384.5 million in the comparable period of 2022. The past year’s acquisitions contributed 3.0 percent to the growth in sales. Sales in Canada came to $230.9 million, up 0.7 percent from $229.4 million a year earlier. Net earnings fell 25.4 percent to $22.6 million. On a per-share basis, diluted earnings of $0.40 were down 25.9 percent from $0.53 in the last Q1.