Leon's Posts Record Quarter
February 20, 2009
Toronto-based Leon's Furniture Limited recorded record fourth-quarter revenues, with sales rising 9.3 percent to $269.9 million. Net income was $22.2 million or 33 cents per share, an increase of 7.4 percent per share.
Much of the increase was due to the acquisition of Appliance Canada in January 2008. Company officials said a same-store sales decline of 1.7 percent in the fourth quarter is evidence of a slowing Canadian economy.
For the year ended Dec. 31, sales totaled $950.2 million, an increase of 14 percent, and net income was $63.3 million. Excluding Appliance Canada, same-store sales were up 2.3 percent over 2007. The company has about 35 stores and 29 franchise locations.
Much of the increase was due to the acquisition of Appliance Canada in January 2008. Company officials said a same-store sales decline of 1.7 percent in the fourth quarter is evidence of a slowing Canadian economy.
For the year ended Dec. 31, sales totaled $950.2 million, an increase of 14 percent, and net income was $63.3 million. Excluding Appliance Canada, same-store sales were up 2.3 percent over 2007. The company has about 35 stores and 29 franchise locations.
