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From Home Furnishing Business

Leon's Reports on Q3

Toronto-based furniture retailer Leon's reported third-quarter sales of $628.6 million, including sales from The Brick, which Leon's acquired in March.

Net income was $21.3 million, an increase of 58 percent per common share. The sales and income increase in the quarter compared with the prior quarter were mainly a result of the inclusion of the operating results of The Brick Limited.

Leon's third quarter 2013 same store sales, including The Brick, were down 1 percent.

For the nine months ended Sept. 30, total system wide sales were $1.4 billion including $233.9 million of franchise sales; and net income was $41.2 million, an increase of 32 percent per common share. These figures include The Brick Limited results since March 28.

The company also announced that effective Dec. 31, Joseph Leon will retire as a director of the company. He will be replaced by Joseph Michael Leon.

Leon's now has more than 300 retail stores in Canada under its banners, which also includes more than 100 franchise locations.

Click here for the complete Leon's third-quarter release.

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