Rona Inc. tumbled to a first-quarter loss of $16.8-million as it faced an onslaught of retailer misfortunes, including “very unfavourable” weather and fragile consumer confidence.
The Quebec-based company said the quarterly loss was equal to 13 cents a share, well below analyst expectations of a loss of three cents per share, according to Thomson Reuters.
That compares to a $3-million profit, or 2 cents per share, a year ago.
Revenue slipped 4 per cent to $918.2-million.
The Canadian home renovations retailer continues to face a difficult operating environment caused by waning consumer confidence, decreased housing starts and reduced consumer spending.
Operating losses of $19.6-million compared to an operating profit of $8.2-million a year earlier.
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