Business
Leon's Furniture Limited - 2011 Second Quarter
TORONTO, Aug. 12, 2011 /CNW/ - For the three months ended June 30, 2011, total Leon's sales w...
About this update from Leon's Furniture Limited
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Aug. 12, 2011 /CNW/ - For the three months ended June 30, 2011,\n total Leon's sales were $209,334,000 including $45,477,000 of franchise\n sales ($214,445,000 including $45,493,000 of franchise sales in 2010),\n a decrease of 2.4%. Net income was $11,144,000, 16¢ per common share\n ($12,300,000, 17¢ per common share in 2010), a decrease of 5.9% per\n common share.\n\n\nFor the six months ended June 30, 2011, total Leon's sales were\n $400,926,000 including $86,286,000 of franchise sales ($418,243,000\n including $87,821,000 of franchise sales in 2010), a decrease of 4.1%\n and net income was $20,971,000, 30¢ per common share ($23,746,000, 33¢\n per common share in 2010), a decrease of 9.1% per common share.\n\n\nWe closed out the second quarter of 2011 with lower sales and profits\n compared to the second quarter of 2010. The decrease in sales was\n mainly due to a lower average selling price than the prior year. We\n continue to face a difficult economy, with decreasing new housing\n starts and record consumer debt. We are pleased with the efforts of our\n associates to continue to find ways of improving productivity.\n\n\nSales and productivity will be aided by the opening of four additional\n stores this year. Leasehold improvements have just been completed on a\n new leased premises of 76,000 sq. ft. in Guelph, Ontario with a grand\n opening scheduled for late August 2011. Construction is well on its way\n on a new 84,000 sq. ft. facility in Regina, Saskatchewan with a\n scheduled grand opening for the fourth quarter of 2011. We are planning\n grand openings of new 40,000 sq. ft. stores in Mississauga, Ontario and\n Rosemère, Quebec scheduled to open in the fall of this year. We also\n plan to continue the renovation of our existing buildings with major\n renovations and additions to our Sault Ste. Marie and Sudbury stores\n later this year with work scheduled to be completed by the summer of\n 2012. Finally, we have signed a new Franchisee in Bathurst, New\n Brunswick which is scheduled to open under the Leon's banner in the\n fourth quarter of 2011.\n\n\nAs previously announced, we paid a quarterly 9¢ dividend on July 7th, 2011. Today we are pleased to announce that the Board of Directors\n have declared a quarterly dividend of 9¢ per common share payable on\n the 7t...