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Rona earnings and revenues down in Q3


Boucherville, Quebec Retailer and distributor Rona, Canada’s biggest home-improvement chain, reported sales of C$1.32 billion ($1.26 billion) for its third fiscal quarter, a 4.4% decline from sales of C $1.38 billion posted in the third quarter last year. Same-store sales suffered a 5.3% reduction in the corporate and franchise store sector, while distribution sales dropped 1.6%.

Net earnings, excluding one-time costs such as store closings, were C$53.3 million in third quarter 2009, compared with C$58.9 million in the same period of 2008.

The Boucherville, Quebec-based company blamed the declines on a slowdown in housing construction and home renovations in Canada, although it noted that sales to commercial and professional customers in Ontario were strong.

Earlier this week, Canada Mortgage and Housing Corp. said housing starts rose 5.4% in October, signifying an upward trend.

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