Leon's 4Q sales rise 5.3%
By Furniture Today Staff -- Furniture Today, March 19, 2007
Toronto — Leon's Furniture ended 2006 on a winning note, posting sales and earnings gains in excess of 5% for the fourth quarter.
The retailer said sales from corporate and franchised locations totaled C$236.8 million for the quarter ended Dec. 31, a 5.3% gain from the fourth quarter of 2005.
Net income was C$20.7 million or C$1.17 per share, compared with C$19.7 million or C$1.11 per share in the final quarter in 2005.
"Overall, we are proud to report that Leon's Furniture continued to increase sales and grow profits in 2006," said Chairman Mark Leon. "We want to congratulate all our associates across Canada for their strong efforts, hard work and dedication in helping achieve these goals."
The company said same-store sales from its company-owned stores rose 3% for the fourth quarter and 3.9% for the calendar year.
The retailer plans to open stores in Newmarket, Ontario, and Longueuil, Quebec, later this year, and is remodeling existing units in Kitchener, Ontario, and Calgary, Alberta.
For the full year, sales were C$720.8 million, an increase of 6.6% over 2005. Net earnings for the year came to C$53.6 million or C$3.03 per share, up 11% from 2005.
