Leon's Furniture Limited - 2011 Fourth Quarter

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[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Feb. 23, 2012 /CNW/ - Leon's Furniture Limited is pleased to\n announce its results for the full year 2011 and the fourth quarter\n 2011. For the year ended December 31, 2011, total Leon's sales were\n $879,561,000 including $196,725,000 franchise sales ($907,497,000\n including $197,062,000 franchise sales in 2010), a decrease of 3.1%.\n Same store corporate sales were down 6.4% from the prior year. Net\n income was $56,666,000, $0.81 per common share ($63,284,000, $0.90 per\n common share in 2010), a decrease of 10% per share.\n\n\nFor the three months ended December 31, 2011, total Leon's sales were\n $254,989,000 including $61,166,000 of franchise sales ($257,708,000\n including $59,820,000 of franchise sales in 2010), a decrease of 1.1%.\n Same store corporate sales were down 7.4% from the prior year fourth\n quarter. Net income was $19,872,000, $0.28 per common share\n ($21,360,000 $0.30 per common share in 2010), a decrease of 6.7% per\n share.\n\n\n2011 proved to be another very challenging year where we saw a further\n weakening in our economy, a shrinking market and a very competitive\n retail environment. We want to thank all our associates for their\n efforts and dedication in helping us to mitigate the impact of these\n challenges on our financial results.\n\n\nIn the third quarter of 2011, we opened a new corporate store in Guelph,\n Ontario. That was followed by grand openings in the fourth quarter of\n 2011 of three additional corporate stores in Mississauga, Ontario;\n Rosemère, Quebec; and Regina, Saskatchewan. As well, during the fourth\n quarter of 2011 new Leon's franchise locations had grand openings in\n Bathurst, New Brunswick; and Drummondville, Quebec.\n\n\nIn addition to these new locations, renovations are well underway in our\n Sudbury and Sault Ste. Marie, Ontario corporate stores. Our Trenton,\n Ontario franchise recently completed a renovation of their store and a\n renovation and expansion will commence shortly at our Simcoe, Ontario\n franchise. Our Kentville franchise has recently completed construction\n of a new and larger replacement store in Coldbrook, Nova Scotia.\n Construction has also started for a brand new franchise store to\n replace our existing St. John, New Brunswick store.\n\n\nFinally, the Company has recently secured sites for four new corporate\n stor...

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