Hardware And Lumber Posts Improved Profits For Third Quarter

GraceKennedy Group CEO Don Wehby has expressed satisfaction with Hardware and Lumber’s results for the nine months ended September 30, in what he described as an extremely difficult environment for the Hardware and Household Improvement sector.

Revenue for the three months ended September 30, 2012 was $1,543.2 million or 0.6% more than the same quarter in the previous year. This brought total revenue for the nine months ended September 30, 2012 to $4,657.7 million, representing a 2.2% increase over the $4,555.7 million in the comparative period of the prior year.

“The management team has done a very good job and is very focused on putting the company on a sustained path of growth, both in revenue and profitability,” said Mr. Wehby.

The net result for the nine-month period ended September 30, 2012 was profit after tax of $14.2 million compared to $5.4 million in 2011, an increase of 160.9%.

“We are optimistic that the right strategies are in place to meet our stated objectives of satisfying our consumers, shareholders and all stakeholders,” Mr. Wehby said.