Rona profit rises as sales fall

Rona Inc. (RON-T), Canada's largest hardware distributor and retailer, on Wednesday said quarterly profit edged higher and its market share was growing even though consumer confidence was generally weak.

For the third quarter ended September 26, Rona posted net earnings of $50.2 million, or 38 cents a share. This compares with $49.1 million, or 38 cents, for the same period last year.

The Boucherville, Quebec-based home renovation supply chain said earnings fell 5.8 percent when unusual items recorded a year earlier are excluded.

Quarterly sales slipped 0.5 percent to $1.313 billion, while same-store sales, or stores open for at least a year, fell 2.3 percent.