Published on : Friday, September 28, 2018
The acquisition of archrival The Brick appears to be paying off for Leon’s Furniture as it reported increased sales and earnings for the fourth quarter and the 2014 fiscal year.
Total system sales in the fourth quarter were C$649.4 million, up 2.4% from the same period of 2013.
Corporate store sales were C$542.2 million, up 3.7%, while same-store growth was pegged at 4.3%. Franchise store sales, meanwhile, were down 3.3% to C$107.2 million.
Net income was C$29.9 million or 42 cents per share, compared with C$26.3 million or 37 cents per share a year ago — a 13.5% gain on a per share basis.
For the full year, system wide sales were C$2.35 billion, up 15.1% from the C$2.04 billion for 2013. The 2013 figure only includes sales from The Brick after March 28, the day Leon’s closed its C$700 million acquisition of the high-impact promoter.
We are pleased with the increase in profits for both the fourth quarter and 2014 when compared to the prior year,” said Terry Leon, president and CEO of the publicly held and family-managed retailer, said in a note to shareholders. “We are also very encouraged by the increase in same-store sales for the fourth quarter and year when compared to 2013” he further added.
Source: Furniture today