Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Business
Classified Sites

The Canadian Press - ONLINE EDITION

Leon's Furniture Q1 profit down from year ago; harsh weather shares blame

TORONTO - Leon's Furniture Ltd. (TSX:LNF) says harsh winter weather was partly to blame for a drop in first-quarter profits.

The retailer said Tuesday it earned $818,000 or a penny per diluted share for the quarter ended March 31, down from a profit of $5.4 million or seven cents per diluted share a year ago.

The drop came as same-store sales fell 3.8 per cent compared with a year ago.

"The profit decrease in the quarter was related to lower same-store sales, partially due to the extreme weather conditions across Canada," the company said in a statement.

"Further, gross margin dollars could have been higher had we reacted more quickly to the decline in the Canadian dollar. Finally, finance costs and non-cash purchase price adjustments related to the acquisition of The Brick further lowered profit."

Revenue totalled $426 million, up from $162 million, boosted by the acquisition of The Brick chain of stores that closed near the end of March last year.

Total system-wide sales were $508.4 million, including $82.4 million of franchise sales in the quarter, up from $203.6 million, including $41.1 million in the first three months of 2013.

Leon's has more than 300 corporate and franchise stores across Canada under several banners including Leon's, The Brick, Appliance Canada and United Furniture Warehouse.

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
Sudden Surge: Flood of 2014
Opportunity Magazine — The Bakken
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates