Leon's profit margin up 43% for Q2
August 10, 2017,
TORONTO – Leon’s Furniture, a retailer of furniture, appliances and electronics in Canada, reported a significant increase in its gross profit margin, attributing it “as mainly the result of improved gross margins in its furniture category.”
"The second quarter provided further evidence that the consistent and successful execution of our strategy is translating into strong financial performance for shareholders," said Edward Leon, president and COO, in a statement.
Total system-wide sales grew 4.9% to C$636.1 million in the quarter, compared to C$606.4 million for the same period in 2016.
Revenue for the second quarter grew 4.1% to C$537.5 million, up from C$516.1 million for the same period in the prior year.
Adjusted net income showed the biggest increase: 28.4% to C$20 million, compared to C$15.5 million for the same quarter last year.
Adjusted diluted earnings per share grew 25% to C$0.25 in Q2 2017, compared to C$0.20 in Q2 2016.
Leon’s Furniture operates 303 retail stores in Canada under corporate and franchise banners, as well as Appliance Canada, The Brick, The Brick Mattress Store, United Furniture Warehouse, and UFW and The Brick Clearance Centre.
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