May 14, 2008
Rona shares sink to five-year low as weak consumer confidence punishes Q1 earnings
“The results of the first quarter 2008 reflect the strong drop in consumer confidence in the country's economic growth”
- Shares of Canadian home renovation leader Rona Inc. (TSX:RON) sank to their lowest level in nearly five years Tuesday after weak consumer confidence and a slowdown in new home construction punished the company's first-quarter results.
The shares lost 50 cents to close at $12.95 on the Toronto Stock Exchange as operating profits fell by 18 per cent.
The results reflect a more difficult operating environment than the company had expected in February, president and CEO Robert Dutton said in a conference call. Read more
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