Richelieu Hardware Ltd. (RHUHF) Q4 2022 Earnings Call Transcript

Jan. 19, 2023 4:03 PM ETRichelieu Hardware Ltd. (RHUHF), RCH:CA
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Richelieu Hardware Ltd. (OTCPK:RHUHF) Q4 2022 Earnings Conference Call January 19, 2023 2:30 PM ET

Company Participants

Richard Lord - President and Chief Executive Officer

Antoine Auclair - Vice President and Chief Financial Officer

Conference Call Participants

Zachary Evershed - National Bank


Good afternoon, ladies and gentlemen, and welcome to Richelieu Hardware Fourth Quarter Results Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session, which will be restricted to analysts only. [Operator Instructions] Also note that the call is being recorded on January 19, 2023.

[Foreign Language]

Richard Lord

Merci. Thank you. Good afternoon, ladies and gentlemen, and welcome to the Richelieu's conference call for the fourth quarter and 12-months period ended November 30, 2022. With me is Antoine Auclair, CFO. As usual, note that some of today's issues include forward-looking information, which is provided with the usual disclaimer as reported in our financial filings.

First, let's look at our fourth quarter where our sales benefited from both acquisition and internal growth. The sales increase was driven by a strong performance in the manufacturers market in the U.S., where the three acquisitions closed in the first quarter made the major contribution. Namely, Compi distributor; HGH Hardware; and National Builders Hardware jointly they operate nine distribution centers in six different states.

As for the retailers and renovation superstores market, sales remained stable over the last year. We closed our fourth acquisition of the year in September Quincaillerie Deno, a specialty hardware distributor operating one distribution center in Montreal. Together, the four acquisitions closed in 2022, represent additional sales of approximately $125 million on an annual basis.

As for 2022, it was another year of strong growth fueled by both internal growth and acquisitions. We are very pleased with the performance

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