Business
Leon's Furniture Limited - 2010 Second Quarter
Leon's Furniture Limited - 2010 Second Quarter
About this update from Leon's Furniture Limited
[{"type":"text","content":"\n\n\n\n Aug. 13, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nTORONTO, Aug. 13 /CNW/ - For the three months ended June 30, 2010, total Leon's sales were $212,277,000 including $45,493,000 of franchise sales ($209,931,000 including $44,693,000 of franchise sales in 2009), an increase of 1.1%. Net income was $11,873,000, 17 cents per common share ($8,620,000, 12 cents per common share in 2009), an increase of 41.7% per common share.\nFor the six months ended June 30, 2010, total Leon's sales were $413,396,000 including $87,821,000 of franchise sales ($405,131,000 including $87,368,000 of franchise sales in 2009), an increase of 2.0% and net income was $23,843,000, 34 cents per common share ($17,191,000, 24 cents per common share in 2009), an increase of 41.7% per common share.\nFor the second quarter of 2010, we are pleased to report higher sales and a significant improvement in profits when compared to the second quarter of 2009. Higher sales reflect a general improvement in the economy. The profit improvement was mainly the result of three key factors: higher sales compared to the prior year's quarter; an improvement in our gross margin which was aided by the strengthening of the Canadian dollar along with a more favourable product mix; and the continuation of improved productivity and expense controls that were initiated in the prior year.\nAlthough we are satisfied with the results year to date, we believe that we must remain vigilant for the balance of 2010 in order to continue to improve the performance of our Company. Pursuant to our robust expansion plans announced last quarter, construction is well on its way on a new 73,000 sq. ft. facility in Thunder Bay, Ontario which we plan to open before the end of this year. We will soon begin construction on a new 84,000 sq. ft. building in Regina, Saskatchewan that we plan to open by the spring of 2011. In addition, we have signed leases for a 76,000 sq. ft. store in Guelph, Ontari...