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From Home Furnishing Business

Leon’s Furniture 4Q Income Climbs 11.8%

Leon’s Furniture (TSX: LNF.TO) reported net income of $29.9 million for the fourth quarter ended Dec. 31, an 11.8 percent increase from $26.3 million reported in the same quarter last year.

Fourth quarter sales were $649.4 million an increase from fourth quarter sales of $633.8 million last year. 

The home furnishings, appliance and electronics retailer also operates The Brick retail chain in Canada. 

For the year, the retailer’s sales were $2.35 billion compared to $2.04 billion in the prior year. Net income for the year was $75.5 million, up from $68.4 million in 2013.

The company said in its earnings release that “integration and synergies between The Brick and Leon's divisions are progressing as planned. We are also pleased to confirm that we are in the early stages of a 15-month implementation of a new computer system that will result in improved efficiencies in the operations of both divisions.”

Leon’s acquired The Brick in 2013 in an $700 million deal.

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