Rona swings to loss in Q2

New York -- Canadian home-improvement retailer Rona reported a loss of $136.5 million for the second quarter, compared with a profit of $36.9 million a year earlier, hurt by restructuring costs and tightened market conditions.



According to a report by Reuters, Rona revenue fell 4.6% to $1.21 billion, and same-store sales dipped 1%. Analysts expected revenue of $1.35 billion.



The country’s largest home-improvement retailer, under pressure from U.S. competitors Home Depot and Lowe's, is in the throes of a turnaround plan which has led to store closures, a shuffling of the board, and a newly named CEO.



"This is a totally new Rona we are building," CEO Robert Sawyer said on a conference call. "We need to change the culture, to make it a leaner, more efficient, and more agile organization."