Leon's 4Q sales, income rise
By Furniture Today Staff -- Furniture Today, February 24, 2002
TORONTO — Leon's Furniture, Canada's third-largest furniture retailer, reported fourth-quarter sales rose 9% as net income jumped 11.1%. For 2001, sales were up 5.8% and net income slipped 1%.
Terry Leon, chief financial officer, said the company continues to invest in such cost-saving technologies as bar coding. He said 2002 will be challenging, but that stores "in a strong financial position will be able to weather the storms."
He noted Leon's remains debt free, has strong cash reserves, has bought back its stock, and continues to pay dividends while building new stores and renovating others.
Including Leon's 23 franchised stores, sales for 2001 came to C$546.9 million, up 4.3% from 2000's C$524.3 million. Furniture, bedding and accessories typically account for 75% of Leon's sales.
Anthony T. Leon, chairman, said the retailer will continue to expand. "A massive renovation is well under way in our Edmonton, Alberta, store.... We also plan to open a new store in Brampton, Ontario, and a new franchise store in Sarnia, Ontario," he said. "Also, land has been secured for a new store in Montreal west and we continue to seek high-quality locations in south Edmonton and Quebec City."
| Quarter ended 12/31 | 2001 | 2000 | Change |
|---|---|---|---|
| Sales | C$134,015,000 | C$122,981,000 | 9.0% |
| Operating income | 26,731,000 | 23,713,000 | 12.7% |
| Net income | 14,922,000 | (b)13,429,000 | 11.1% |
| Earnings per share(c) | 0.74 | 0.65 | 13.8% |
| Year ended 12/31 | 2001 | 2000 | Change |
| Sales | C$425,687,000 | C$402,236,000 | 5.8% |
| Operating income | 66,409,000 | 63,891,000 | 3.9% |
| Net income | 36,323,000 | (b)36,700,000 | (1.0%) |
| Earnings per share(c) | 1.79 | 1.77 | 1.1% |
| (a) In Canadian dollars. (b) Includes a C$48,000 pretax loss on the sale of capital assets in the 2000 quarter and a C$2 million pretax gain on the sale of capital assets in the 2000 year. (c) Based on average shares outstanding of 20.3 million in the 2001 periods and 20.7 million in the 2000 periods. | |||
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Leon's 3Q sales up 8.7%, profits surge 25.5%
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