MONTREAL — Canadian home renovations leader Rona Inc. (TSX:RON) is looking to expand its presence in Ontario and Western Canada as it pushes ahead with its growth strategy.
The Quebec-based industry leader expects to grow its share of the market over the next couple of years as sales are driven by an economic recovery and acquisitions from industry consolidation.
In its annual outlook conference with investors, Rona said Monday it plans to boost earnings by 10 to 15 per cent by 2011.
In the nine months ended Sept. 30, the company earned net profits of $107.4 million on sales of $3.5 billion, down from net earnings of $126.7 million on revenues of $3.8 billion for the same 2008 period.
Rona expects same-store sales for locations open a year will increase by two to 2.5 per cent over the coming two years.