Monday, September 15th12.2°C
22190
22285

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.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX15482.56-49.021
S&P CDNX981.50-6.43
DJIA17031.1443.63
Nasdaq4518.903-48.696
S&P 5001984.13-1.41
CDN Dollar0.9039-0.0008
Gold1236.80+1.7001
Oil92.79-0.13
Lumber349.00+1.00
Natural Gas3.977-0.02

 
Okanagan Companies
Pacific Safety0.18-0.02
Knighthawk0.01-0.005
QHR Technologies Inc1.29-0.01
Cantex0.06-0.01
Anavex Life Sciences0.25+0.01
Metalex Ventures0.065-0.005
Russel Metals36.17-0.09
Copper Mountain Mining2.70-0.18
Colorado Resources0.155-0.01
ReliaBrand Inc0.024-0.0078
Sunrise Resources Ltd0.02-0.005
Mission Ready Services0.265-0.01

 



23021

FEATURED Property
2070853Peachland House for Sale
$459,900
more details
image2
Click here to feature your property
Please wait... loading


Power-save your way to a down payment

Part 1 of 2 Photo: Thinkstock.com1. Move in with your parents or in-laws Explain that you're thinking strategically in moving back home. The quickest way to get into the housing market is to ma...


Price Guarantees

Article written by Linda Bustos Though I’d never recommend “lowest prices” as a unique selling proposition, I notice many retailers use a Price Match Guarantee or even a 110% Guara...


Brangelina and Celebrity vs Philanthropy

This week my wife wrote a blog for our charities website, I thought you may enjoy reading it here: I was planning to write about the incredible philanthropic Miss Angelina when, funnily enough, she ...

_



23073




Member of BC Press Council


23087