Canadian home improvement retailer RONA reported a loss of $136.5 million for the second quarter, compared with a profit of $36.9 million a year earlier, hurt by restructuring costs and tightened market conditions.
According to a report by Reuters, RONA revenue fell 4.6% to $1.21 billion, and same-store sales dipped 1%. Analysts expected revenue of $1.35 billion.
The country’s largest home improvement retailer, under pressure from U.S. competitors Home Depot and Lowe's, is in the throes of a turnaround plan which has led to store closures, a shuffling of the board and a newly named CEO.
"This is a totally new RONA we are building," CEO Robert Sawyer said on a conference call. "We need to change the culture, to make it a leaner, more efficient and more agile organization."