Rona cutting 200 jobs, reports loss
A Rona store is pictured in Ottawa in this file photo from Feb. 24, 2011. REUTERS/Chris Wattie/Files
Home-improvement retailer and distributor Rona Inc outlined plans to cut about 200 full-time positions at administrative offices as it reported a quarterly loss on Thursday, due to charges related to restructuring, asset impairments and other one-time items.
The company also outlined a three-year transformational plan that will see it look to grow its core distribution business and scale back on its big-box store strategy outside of its home province of Quebec.
The net loss in the fourth quarter was $17.9 million or 15 cents a share. That compared with a year-earlier loss of $153.6 million, or $1.19 a share, when its results were hit by a very large goodwill impairment charge.
Excluding one-time items, the company said earnings in the period ended Dec. 30 fell to 5 Canadian cents a share, down from 15 cents a share, a year earlier.