An exterior view of a hardware store Rona Inc., in Brossard, Que.Christinne Muschi/The Globe and Mail
Rona Inc. says it lost money in this year's first quarter but overall revenue increased despite weak sales in the Prairies.
The Quebec-based home improvement retailer is slated to become a subsidiary of Lowe's following a friendly $3.2-billion takeover deal announced in February.
Rona posted a $16.5-million net loss or 15 cents per share for the quarter ended March 27.
The quarter's loss included $3.5-million or three cents per share of restructuring costs and $4.1-million or four cents per share of acquisition costs.
Revenue was $819.2-million, up from $778.8-million a year earlier. Same-store sales grew 3.1 per cent with strong performance in Ontario, British Columbia and the Reno-Depot banner in Quebec. The company saw a decline in Prairie same-store sales.
After excluding restructuring and other items, Rona's adjusted loss was $9-million or eight cents per share.
By comparison, Rona's net loss in the first quarter of 2015 was $11.7-million or 11 cents per share including minimal restructuring costs. Its adjusted loss was $11.2-million or 10 cents per share.