Rona Inc., the country’s biggest Canadian-owned home improvement retailer, said severe winter storms, especially in Ontario and Quebec, contributed to a nearly 90 per cent decline in profits in the previous three-month period as construction and renovation activity stalled.
“The results for first quarter 2008 reflect the strong drop in consumer confidence in the country’s economic growth,” said Rona’s president and chief executive officer Robert Dutton.
The company said it earned $1 million, or 1 cent a share, in the three months ended March 30.
