Business
Leon's Furniture Limited - 2008 Third Quarter
TORONTO, Nov. 12 /CNW/ - For the three months ended September 30, 2008, total Leon's sales were $...
About this update from Leon's Furniture Limited
[{"type":"text","content":"\n\n\n\nTORONTO, Nov. 12 /CNW/ - For the three months ended September 30, 2008,\ntotal Leon's sales were $259,204,000 including $56,219,000 of franchise sales\n($216,225,000 including $50,434,000 franchise sales in 2007), an increase of\n19.9%. Net income was $17,499,000, 25 cents per common share ($16,174,000, 23\ncents per common share in 2007), an increase of 8.7% per common share.\n\n\nFor the nine months ended September 30, 2008, total Leon's sales were\n$680,333,000 including $146,045,000 of franchise sales ($586,459,000 including\n$134,925,000 of franchise sales in 2007), an increase of 16.0% and net income\nwas $40,185,000, 57 cents per common share ($36,884,000, 52 cents per common\nshare in 2007), an increase of 9.6% per common share.\n\n\nWe are pleased that we were able to continue to improve both sales and\nprofits in the third quarter of 2008 compared to the prior year. This was\nachieved through strong efforts put forth by both our merchandising and\nmarketing departments. We believe that we are gaining market share and are\nwell positioned to continue to do so during these difficult times. Renovations\nhave just been completed at our Mississauga, Ontario store with a grand\nre-opening now taking place. A major renovation to our Laval, Quebec showroom\nand warehouse store is well on its way and is scheduled to be complete by the\nspring of 2009. Progress is continuing with a new downtown Toronto, Ontario\nstore known as the "Roundhouse" and we anticipate a grand opening in 2009. We\nare also pleased with the year-to-date performance of Appliance Canada which\nwas acquired effective January 1, 2008.\n\n\nThe Directors have declared a quarterly dividend of 7 cents per common\nshare payable on the 12th day of January 2009 to shareholders of record at the\nclose of business on the 12th day of December 2008. In addition, the annual\ndividend on the convertible non-voting series shares of 14 cents, will be\npayable on January 12th, 2009 to the shareholders of record at the close of\nbusiness on December 12th, 2008. As stated in our press release dated February\n20, 2007, as of 2006, dividends paid by Leon's Furniture Limited are "eligible\ndividends" and for further clarification, all future dividends are eligible\ndividends unless otherwise stated.\n\n\nFor further information, please consult the Co...