Business
Leon's Furniture Limited - 2009 Fourth Quarter
Leon's Furniture Limited - 2009 Fourth Quarter
About this update from Leon's Furniture Limited
[{"type":"text","content":"\n\n\n\nFeb. 17, 2010 (Canada NewsWire Group) -- TORONTO, Feb. 17 /CNW/ -- Leon's Furniture Limited is pleased to announce its results for the fourth quarter and full year 2009. For the three months ended December 31, 2009, total Leon's sales were $255,665,000 including $57,679,000 of franchise sales ($269,891,000 including $63,803,000 of franchise sales in 2008), a decrease of 5.3%. Same store corporate sales were down 4.5% from the prior year fourth quarter. Despite this sales decrease, net income was $24,030,000, $0.34 per common share ($23,205,000, $0.33 per common share in 2008), an increase of 3.0% per share.Although sales were down in the fourth quarter 2009 compared to the prior year, we are very pleased with the strong profit results this quarter. We thank our Associates for all their efforts this year in improving our productivity. Working as a team, we were able to put in place stronger controls which resulted in a reduction of overall expenditures. What makes all of this extra special is that it was accomplished in a year in which we celebrated our Company's 100th Anniversary. Once again, we thank all our Associates across Canada for their hard work and dedication in helping to achieve these goals.For the year ended December 31, 2009, total Leon's sales were $897,470,000 including $194,290,000 franchise sales ($950,224,000 including $209,848,000 franchise sales in 2008), a decrease of 5.6%. Net income was $56,864,000, $0.80 per common share ($63,390.000, $0.90 per common share in 2008), a decrease of 11.1% per share. Same store corporate sales were down 5.4% from the prior year.During 2009, the Company continued its renovation and expansion program. In the spring of 2009, a major renovation was completed in our warehouse and showroom store in Laval, Quebec. That was followed by the opening of our first downtown Toronto, Ontario showroom store known as the \"Roundhouse\" in the summer of 2009. Renovations were also completed in the third quarter of 2009 at our Barrie and Whitby, Ontario stores. Construction will commence shortly on two new superstores in Thunder Bay, Ontario (75,000 sq ft) and in Regina, Saskatchewan (85,000 sq ft).The Directors are pleased to declare a quarterly dividend of 7 cents per common share, payable on April 5, 2010 to the shareholders of record at the close of business on March 5, 2010. Divi...