Richelieu grows in Q1 with three acquisitions

MONTREAL — Richelieu Hardware reported Q1 sales of $249.4 million, up 10.2 percent from $226.4 million in Q1 of 2019. In the Canadian market, sales of $156.7 million represented an increase of $13 million or 9 percent from a year prior. Net earnings rose to $0.21 per share, an increase of 23.5 percent from $0.17 per share for the comparable quarter in fiscal 2019. During the quarter, Richelieu completed three acquisitions. Decotec and Mibro, acquired in December, will bolster the company’s presence in the Greater Toronto Area, the acquisition of O’Harco, finalized in early February, will bring Richelieu into new markets in Nebraska, Iowa and South Dakota. Together, these three businesses represent about $60 million in annual sales.