Leon's '11 Sales Down 3.1%

February 23, 2012  by in UnCategorized   

By Home Furnishings Business in Financial Reports on February 24, 2012

Leon's Furniture reported 2011 sales of $879.6 million (Canadian), a 3.1 percent drop from 2010; and net income fell 10 percent to $56.7 million.

Same store corporate sales were down 6.4% from the prior year.

For the three months ended Dec. 31, 2011, sales of $255 million were off 1.1 percent compared with the prior-year period; and net income of $19.9 million was off 6.7 percent. Same store corporate sales were down 7.4 percent from the prior-year fourth quarter.

In the third quarter of 2011, Toronto-based Leon's opened a new corporate store in Guelph, Ontario. That was followed by grand openings in the fourth quarter of 2011 of three additional corporate stores in Mississauga, Ontario; Rosemere, Quebec; and Regina, Saskatchewan. Also in the fourth quarter, new Leon's franchise locations had grand openings in Bathurst, New Brunswick; and Drummondville, Quebec.

In addition to these new locations, renovations are underway in Leon's Sudbury and Sault Ste. Marie, Ontario, corporate stores. The Trenton, Ontario franchise recently completed a store renovation, and a renovation and expansion will commence shortly at the Simcoe, Ontario, franchise. The Kentville franchise has recently completed construction of a new and larger replacement store in Coldbrook, Nova Scotia. Construction has also started for a brand new franchise store to replace the existing St. John, New Brunswick store.

Leon's also has secured sites for four new corporate stores in Orangeville and Brantford, Ontario; Sherbrooke, Quebec; and Rocky View County, just north of Calgary, Alberta. Those locations should open during the later part of 2012 and 2013.

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