Wednesday, November 26th0.1°C
24124
23988

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 TSX15014.23-59.42
S&P CDNX777.05-3.59
DJIA17801.62-13.32
Nasdaq4766.193+7.941
S&P 5002067.60+0.57
CDN Dollar0.8899+0.0015
Gold1197.70+0.60
Oil73.66-0.43
Lumber328.80-0.70
Natural Gas4.295+0.144

 
Okanagan Companies
Pacific Safety0.155-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.33+0.01
Cantex0.040.00
Anavex Life Sciences0.185+0.01
Metalex Ventures0.030.00
Russel Metals32.01-0.13
Copper Mountain Mining2.165+0.015
Colorado Resources0.130.00
ReliaBrand Inc0.0134-0.0001
Sunrise Resources Ltd0.045-0.005
Mission Ready Services0.32-0.005

 
23744


23643

FEATURED Property
19272473075 Beverly Place
4 bedrooms 3 baths
$2,195,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


The last great Canadian tax shelter

A guide to how flow-through fund limited partnerships can mightily aid your tax planning!The end of the year will raise concerns among many professionals, self-employed persons, business owners and ev...


What I learned in China: Part 2

As per my previous article on my visit to China, we have much to learn about and from their people. It is potentially the largest market on earth with 1.3 billion people in one country but much will d...


Retirement: Health Issues

Our health is really our greatest asset and maintaining our health is of tremendous importance. You want to do what you can to ensure that health issues will not jeopardize the enjoyment of your retir...

_



24156

24158


Member of BC Press Council


23087