BOUCHERVILLE, QUÉBEC--(Marketwired - May 13, 2014) - RONA inc. (TSX:RON)(TSX:RON.PR.A) held today at its head office in Boucherville, Québec, its 2014 annual meeting of shareholders. The following is a brief summary of the highlights of this meeting.
"Over the past year, we have completely revised our structure and put in place a dynamic and experienced team," outlined President and CEO Robert Sawyer from the outset. "In order to revive growth at RONA in 2014, we have placed the customer at the heart of all our business decisions. We have made customer experience a priority at all levels in order to firmly establish ourselves as a highly performing hardware retailer and one that satisfies its customers every day, in all of its stores. In this context, we have identified three business priorities - increasing sales, completing the transformation of the Réno-Dépôt banner with a view to exporting it elsewhere in Canada in 2015 and, finally, developing and implementing new positioning strategies for our other banners, both in Quebec and across the Canadian market."
Election of members of the Board of Directors
The following 14 nominees proposed by management at the meeting were elected as directors by a majority of the ballots cast. Together, they form a diversified and experienced team that will continue to provide counsel in the interests of the Corporation and all its stakeholders.
||Nova Scotia, Canada
|Guy G. Dufresne
|Steven P. Richardson
Final results on all matters voted on at the Annual Meeting of Shareholders will be filed with Canadian securities regulators. Biographies of the RONA Board members are available at www.rona.ca/corporate/executive-committee.
Dominique Boies, Executive Vice President and Chief Financial Officer, gave an overview of financial results for 2013 and for the first quarter of 2014. "In terms of expense reduction, our goal was to achieve savings of $110 million on an annualized basis by the end of 2013, and that ambitious target was reached. In 2013, the contribution to EBITDA of savings, net of reinvested, totaled $34 million. In the first quarter of 2014, that contribution has already reached $17 million. Thanks to our strong balance sheet and our disciplined management practices, we are in a good position to optimize our capital structure, to improve our efficiency and to increase our return on capital while investing in the improvement and enhancement of our network. Therefore, RONA will become a source of sustainable value creation for its shareholders."
This Press Release includes "forward-looking statements" that involve risks and uncertainties. All statements other than statements of historical facts included in this Press Release, including statements regarding the prospects of the industry and prospects, plans, financial position and business strategy of the Corporation may constitute forward-looking statements within the meaning of the Canadian securities legislation and regulations. Investors and others are cautioned that undue reliance should not be placed on any forward-looking statements.
For more information on the risks, uncertainties and assumptions that would cause the Corporation's actual results to differ from current expectations please refer to the Corporation's public filings available at www.sedar.com and www.rona.ca. In particular, further details and descriptions of these and other factors are disclosed in the MD&A under the "Risks and uncertainties" section and in the "Risk factors" section of the Corporation's current Annual Information Form.
The forward-looking statements in this Press Release reflect the Corporation's expectations as at May 13, 2014, and are subject to change after this date. The Corporation expressly disclaims any obligation or intention to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by the applicable securities laws.
RONA inc. is a major Canadian retailer and distributor of hardware, building materials and home renovation products. The Corporation operates a network of over 500 corporate, franchise and affiliate stores under several banners and in a number of complementary formats. With its 8 distribution centers and its specialized TruServ Canada wholesaler, RONA serves its network as well as many independent dealers operating under different banners. With some 24,000 employees, the Corporation generates annual consolidated sales of $4.2 billion. For more information, visit rona.ca.