Daily News
From Home Furnishing Business
Leon’s 2Q Nets $15M
August 17,
2015 by in Furniture Retailing, Industry 
Home furnishings retailer Leon’s Furniture (Toronto: LNF) reported net income of $15 million for the second quarter ended June 30 compared to net income of nearly $17 million in the same quarter last year.
Net sales for the quarter were $484.3 million a 2.1 percent increase from net sales of $474.5 million in the same quarter last year.
Net income for the first half of the year was $19.1 million, compared to net income for the same six-month period in 2014 of $18.3 million. Net sales for the six months hit $907.3 million, compared to $900/5 million in the first half of 2014.
"We are pleased with the performance we generated in the second quarter," said Edward Leon, president and COO. "Although we experienced lower gross margins as a result of the decline in the Canadian dollar and aggressive marketing, we are growing same-store sales in a challenging environment and executing on the operating expense efficiencies we identified when we acquired The Brick two years ago. We are well-positioned to drive value for shareholders as we execute against our top-line growth strategy and generate further synergies."