RONA turns around losses in Q2

BOUCHERVILLE, Que. — RONA reported net income of $42 million in the second quarter, compared to a net loss of $144.7 million during the same period last year. Consolidated revenues from continuing operations amounted to $1,193.5 million, down 4.4% from $1,249.0 million for the second quarter of 2013. This decrease primarily reflects the closure of underperforming stores, a late spring in Quebec and Ontario which had an adverse impact on sales of building materials and seasonal goods in the first half of the quarter coupled to a decline in housing starts in Quebec. Same-store sales in the retail segment were down 0.7%, narrowing the margin of -3.4% in Q1.