Home renovation supply retailer Rona has taken the hit due to the fading consumer interest as a result of recession. It will build less than half of its previously planned stores this year and is skeptical about its financial performance over this year which might be falling well short of its earnings objectives for 2009.
"Given the current financial, economic crisis, we will remain very, very prudent and selective with our development projects, focusing on the projects with the highest return on investment," said Chief Financial Officer Claude Guevin, in a conference with the analysts.