Wednesday, August 5th11.0°C
27107
22748

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 TSX14491.05+22.32
S&P CDNX589.88-4.43
DJIA17550.69-47.51
Nasdaq5105.55-9.84
S&P 5002093.32-4.72
CDN Dollar0.7595+0.0013
Gold1088.40-2.30
Oil46.33+0.20
Lumber258.60-0.10
Natural Gas2.854+0.013

 
Okanagan Companies
Pacific Safety0.17-0.01
Knighthawk0.010.00
QHR Technologies Inc1.40-0.02
Cantex0.04+0.00
Anavex Life Sciences1.46+0.33
Metalex Ventures0.05+0.00
Russel Metals19.39-0.01
Copper Mountain Mining0.80+0.01
Colorado Resources0.085+0.020
ReliaBrand Inc0.0049+0.0004
Sunrise Resources Ltd0.03+0.00
Mission Ready Services0.08-0.02
Decisive Dividend Corp2.55+0.05

 





FEATURED Property
23545491391 Scott Crescent
3 bedrooms 3 baths
$534,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Mortgage policy changes?

There are rumours circulating again that the federal government may move to tighten mortgage insurance criteria. This is prompted by a recent article in the Financial Post. The housing market while b...


Chasing ducks

Photo: Thinkstock.comWhen businessmen tell me that being low priced is the only way to stay in business, I am skeptical. Price is the simplest way for a consumer to compare and is overused as the basi...


Taking care of business

Photo: Thinkstock.comRetirement as a goal has changed a lot over the years. There was a time, it was the only goal. You’d punch the clock and count the years until you could stop punching that t...

_





26370


Member of BC Press Council


26680