Rona Inc. has announced its second quarter results for the period ended June 29, 2014. Consolidated revenues amounted to $1.1 billion, down 4.4% from $1.2 billion for the second quarter of 2013. Same-store sales in the retail segment were down 0.7% versus a decrease of 3.4% in last year’s time frame.
Adjusted EBITDA totaled $89.1 million, up 16.3% compared to $76.6 million, in the second quarter of 2013. Net income was $42 million, up $80.7 million compared to a loss of $38.7 million in the second quarter of 2013. On an adjusted basis, net income in the second quarter was $42 million, up $8.4 million compared to $33.6 million in 2013.
In July, Rona signed a long-term agreement for master licensing of the Ace Hardware brand with Ace Hardware International. Under this agreement, Rona has specific rights and privileges with respect to Ace Hardware brands, retail operating systems and web portals in Canada. The parties also signed a long-term distribution agreement giving Rona access to products available through Ace Hardware’s various distribution channels.
Rona operates a network of over 500 corporate, franchise and affiliate stores under several different banners, and in a number of formats, eight distribution centers and its specialized TruServ Canada wholesaler.