Sustained Strong Growth for Richelieu

For the second quarter ended May 31, 2022, sales reached $487.9 million, up 31.4%, 16.1% from internal growth, and 15.3% from acquisitions. In Canada, sales increased by 17.3% to $292.3 million.

“Richelieu achieved a great performance in the second quarter, reflecting, among others, the positive impact of our acquisitions and investments in recent years in new market segments,” indicated Richard Lord, President and Chief executive Officer. “In Canada, in the manufacturers’ market, our sales totalled $237.3 million, up 17.3%, and they reached $55.0 million in the retailers and renovation superstores market, up 9.3%. The expansion of several of our distribution centers in strategic U.S. markets is progressing according to schedule. While integrating our most recent acquisitions, we will continue to pursue our growth strategy based on innovation, business acquisitions, and our value-added multi-access service in order to seize growth opportunities in the short and long term.”

Second-quarter consolidated sales reached $487.9 million, compared to $371.4 million for the corresponding quarter of 2021, an increase of $116.5 million or 31.4%, of which 16.1% from internal growth and 15.3% from acquisitions. At comparable exchange rates to the second quarter of 2021, the consolidated sales increase would have been 30.1% for the quarter which ended on May 31, 2022.

Richelieu achieved sales of $417.1 million in the manufacturers market, compared to $310.0 million for the second quarter of 2021, an increase of $107.1 million or 34.5%, 18.7% from internal growth, and 15.8% from acquisitions. Sales to hardware retailers and renovation superstores stood at $70.8 million, up $9.4 million or 15.3% over the second quarter of 2021, of which 3.1% from internal growth and 12.2% increase from acquisitions.

In Canada, Richelieu recorded sales of $292.3 million, an increase of $44.2 million or 17.8% over the second quarter of 2021, 11.3% from internal growth, and 6.5% from acquisitions. Sales to manufacturers amounted to $237.3 million, compared to $202.3 million in the second quarter of 2021, an increase of 17.3%, 12.9% from internal growth and 4.4% from acquisitions. Sales to hardware retailers and renovation superstores reached $55.0 million, up $9.3 million or 20.4% over the corresponding quarter of 2021, 4.3% from internal growth, and 16.1% from acquisitions.

First-half consolidated sales reached $872.4 million, an increase of $203.4 million or 30.4% over the first six months of 2021, 16.2% from internal growth, and 14.2% from acquisitions. At comparable exchange rates to the first half of 2021, the consolidated sales increase would have been 29.8%.

Sales to manufacturers reached $743.8 million, compared to $551.6 million for the first six months of 2021, an increase of $192.2 million or 34.8%, 20.1% from internal growth, and 14.7% from acquisitions. Sales to hardware retailers and renovation superstores grew by 9.5% or $11.2 million to total $128.6 million.

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