Canadian Home Center Rona Makes 2014 Turnaround

Canadian home center operator Rona reported net income of C$1.7 million, or two cents per diluted share, for the fourth quarter ended December 28, versus a loss of C$1.1 million, or one cent per diluted share, for the year earlier period. Adjusted net income was C$17.3 million, or 15 cents per diluted share versus C$4.6 million, or 4 cents per diluted share, in the 2013 quarter.

Revenues were C$971.3 million versus $941.1 million in the year-prior quarter, and comparable store sales in its retail operation gained 6%, while, with distribution results figured in, that number rose to 6.5%.

For the full fiscal year, net income was C$65.2 million, or 55 cents per diluted share, versus a loss of C$45.9 million, or 38 cents per share. Adjusted net income was C$83.4 million, or 70 cents per share, versus C$49.9 million, or 41 cents per share, in the year earlier.

Revenues were C$4.1 billion versus C$4.19 billion, the decrease reflecting the closure of underperforming stores, the company asserted. Comps rose 1.2% for the company and 1.1% in the retail segment, Rona added.