In Canada, Richelieu recorded sales of $279.6 million, an increase of $36.2 million or 14.8% over the third quarter of 2021, 13.8% from internal growth and 1.0% from acquisitions. Sales to manufacturers amounted to $228.0 million, compared to $197.0 million in the third quarter of 2021, an increase of 15.7%, 14.5% from internal growth and 1.2% from acquisitions. Sales to hardware retailers and renovation superstores reached $51.6 million, up $5.2 million or 11.2% over the corresponding quarter of 2021, entirely from internal growth.
“Richelieu delivered a solid performance in the third quarter, in line with previous periods,” indicated Richard Lord, President and Chief Executive Officer. “Our steady growth and impeccable financial position attest to the efficiency of our business model, tailored to the specific needs of our diversified customer base, to our ability to react quickly and adapt to changing market conditions, as well as our resolute focus on customer service.”
Richelieu completed its fourth acquisition since the beginning of the fiscal year – the 80th since 1988 – Quincaillerie Deno is a distributor of specialty hardware products operating in Quebec. In addition, the Corporation signed indications of interest for three new acquisitions, two in Canada and one in the United States. This recent acquisition and the three transactions in progress would represent approximately $23 million in annual sales.
“Our results reflect the substantial impact of our acquisition, innovation and diversification strategies in specialized segments that are complementary to our operations,” said Lord. “We continue to integrate our acquisitions in accordance with our criteria for optimizing performance while pursuing our strategies of expansion, innovation and market development in North America with a quality of service that sets us apart in our markets.”
Third-quarter consolidated sales reached $472.9 million, compared to $373.3 million for the corresponding quarter of 2021, an increase of $99.6 million or 26.7%, of which 15.8% from internal growth and 10.9% from acquisitions. At comparable exchange rates to the third quarter of 2021, the consolidated sales increase would have been 24.9% for the quarter that ended August 31, 2022.
Richelieu achieved sales of $409.6 million in the manufacturers market, compared to $313.5 million for the third quarter of 2021, an increase of $96.1 million or 30.7%, 17.7% from internal growth and 13.0% from acquisitions. Sales to hardware retailers and renovation superstores stood at $63.3 million, up $3.5 million or 5.9% over the third quarter of 2021, entirely from internal growth.