Leon's Earns C$24 Million in 4th Quarter

February 17, 2010  by in UnCategorized   

By Home Furnishings Business in Financial Reports on February 18, 2010

Leon's Furniture Limited (LEFUF, LNF) announced Wednesday that despite a 5.3 percent drop in sales to C$255.7 million in 2009's fourth quarter, the Toronto-based retailer's net income increased 3 percent to C$24 million compared with the same period in 2008.

Same store corporate sales were down 4.5 percent from the prior-year fourth quarter.

For the year ended Dec. 31, Leon's had total sales of C$897.5 million, a decrease of 5.6 percent from 2008. Net income for 2009 of $56.9 million was down 11.1 percent from 2008. Same store corporate sales were down 5.4 percent from the prior year.

During 2009, Leon's continued its renovation and expansion program. In the spring of 2009, a major renovation was completed at the warehouse and showroom store in Laval, Quebec. That was followed by the opening of the first downtown Toronto showroom store known as the "Roundhouse" in the summer of 2009.

Renovations also were completed in the third quarter of 2009 at the Barrie and Whitby, Ontario stores. Construction will commence shortly on two new superstores, a 75,000-square-foot location in Thunder Bay, Ontario; and an 85,000-square-foot store in Regina, Saskatchewan.