Leon's 3Q sales up 5.1%, earnings down 17.2%
By Furniture Today Staff -- Furniture Today, December 2, 2001
TORONTO — Leon's Furniture, Canada's No. 3 furniture retailer, reported a 5.1% uptick in sales for the third quarter, although earnings slipped 17.2%.
For the three months ended Sept. 30, sales were C$112.2 million compared to C$106.7 million in the same period of 2000. Net income was C$9.8 million, or 49 Canadian cents per common share, compared to C$11.8 million, or 57 Canadian cents per common share, in 2000.
For the nine months, sales were C$291.7 million, up 4.4% over C$279.3 million last year. Net income was C$21.4 million, down 8%from the C$23.3 million earned in the 2000 period.
Including Leon's 23 franchised stores, nine-month sales were C$374 million, up 2.7% from C$364 million last year.
"Our third-quarter results, although down only marginally, are a reflection of a retail environment that has grown increasingly difficult," said Anthony T. Leon, chairman.
He attributed much of the sales growth to new stores in Anjou, Quebec, and Red Deer, Alberta, which opened earlier this year.
"As the quarter progressed, we continued to focus on our controllable expenses in order to compensate for sluggish sales," Leon said. "Considering the circumstances, we still have been able to maintain strong profits for the quarter and year to date."
The family-managed, full-line furniture retailer started the fourth quarter by opening a new store in Niagara-on-the-Lake, Ontario, and by re-opening its renovated warehouse showroom in the Toronto suburb of Weston.
Leon said the company will continue to make substantial capital investments. These include the renovation of its Edmonton, Alberta, store and the addition of a new warehouse showroom in Brampton, Ontario, set to open in early 2002.
| Quarter ended 9/30 | 2001 | 2000 | Change |
|---|---|---|---|
| Sales | C$112,158,000 | C$106,681,000 | 5.1% |
| Operating income | 18,067,000 | 18,827,000 | (4.0%) |
| Net income | 9,759,000 | (b)11,785,000 | (17.2%) |
| Earnings per share | 0.49 | 0.57 | (14.0%) |
| 9 months ended 9/30 | 2001 | 2000 | Change |
| Sales | C$291,672,000 | C$279,255,000 | 4.4% |
| Operating income | 39,678,000 | 40,177,000 | (1.2%) |
| Net income | 21,401,000 | (b)23,271,000 | (8.0%) |
| Earnings per share | 1.07 | 1.12 | (4.5%) |
| (a) In Canadian dollars. (b) Includes a $2 million pretax gain on the sale of capital assets in both periods. | |||
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