Richelieu has reported “good results for its fourth quarter, with sales of $476.2 million, up five per cent compared to the same period in 2023. This increase reflects the strong performance of the manufacturers' market in Canada and the United States, where sales rose 7.2 per cent to $421.6 million, while sales to retailer and renovation superstores market were down 9.7 per cent.“We are very pleased with our sales of $1.8 billion for the 12 months of 2024, even though the renovation market was marked by a significant slowdown,” said M. Richard Lord, president and CEO.
“Despite this environment and circumstantial factors that continued to put pressure on the EBITDA margin, we stayed on track to achieve our operating objectives, deliver good results, and maintain a solid financial position as of Nov. 30.”
Last year, the company also completed seven new acquisitions, which will contribute to approximately $100 million in additional annual sales. These acquisitions include Olympic Forest, Panexel, and Mill Supply in Canada, and Rapid Start, Allegheny Plywood, Darant Distributing, and Midwest Specialty Products in the US.
Richelieu also says it “will use our best strengths to take advantage of the growth opportunities presented by the current housing shortage in North America. It is also expected that the renovation market will regain momentum in 2025. The kitchen cabinets, closet, storage solutions, and commercial renovation sectors remain key to our growth. “Our network of 112 strategically located centres in Canada and the United States, our customer-focused business model, and our innovation and business acquisition momentum consistently reinforce our North American leadership.”
Richelieu is a leading North American importer, manufacturer and distributor of specialty hardware and complementary products. Its products are targeted to an extensive customer base of kitchen and bathroom cabinet, storage and closet, home furnishing and office furniture manufacturers, residential and commercial woodworkers, door and window, and hardware retailers including renovation superstores.
