Leon's Furniture Ltd. (TSX:LNF) is reporting lower revenue and profit for its fourth quarter, citing weakness in the economy and a competitive retail environment.
The Toronto-based retailer posted net income of $16 million, or 22 cents per diluted share, for the three months ended Dec. 31 compared to $19.9 million, or 27 cents per diluted share in the year earlier period.
Sales, including corporate and franchise stores, came in at $248 million for the quarter, down from $255 million in the year earlier period....
A day after announcing plans to buy its closest competitor, Leon's Furniture Ltd. says profit fell and sales were flat in the latest three-month period.
The Toronto-based furniture warehouse chain said earnings declined 15 per cent to $13 million, or 19 cents a share, in the quarter ended Sept. 30.