Business
Leon's Furniture Limited - 2011 Third Quarter
TORONTO, Nov. 14, 2011 /CNW/ - For the three months ended September 30, 2011, total Leon's sa...
About this update from Leon's Furniture Limited
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Nov. 14, 2011 /CNW/ - For the three months ended September 30,\n 2011, total Leon's sales were $223,646,000 including $49,273,000 of\n franchise sales ($231,546,000 including $49,421,000 franchise sales in\n 2010), a decrease of 3.4% from the third quarter 2010.  Net income was\n $16,956,000, 24¢ per common share ($17,837,000, 25¢ per common share in\n 2010), a decrease of 4.0% per common share. The third quarter 2010\n includes an after tax gain of $1,050,000 on the sale of property (1.5¢\n per common share).\n\n\nFor the nine months ended September 30, 2011, total Leon's sales were\n $624,572,000 including $135,559,000 of franchise sales ($649,789,000\n including $137,242,000 of franchise sales in 2010), a decrease of 3.9%\n and net income was $37,927,000, 54¢ per common share ($41,583,000, 59¢\n per common share in 2010), a decrease of 8.5% per common share.\n\n\nWe continue to face a difficult economy, with decreasing new housing\n starts and record consumer debt. That being said, we are pleased with\n the efforts of our associates to continue to find ways of improving\n productivity and controlling expenses.\n\n\nIn the third quarter of 2011, the Company celebrated the grand opening\n of a new corporate store in Guelph, Ontario. That was followed by grand\n openings in the fourth quarter of 2011 of three additional corporate\n stores in Mississauga, Ontario; Rosemère, Quebec; and Regina,\n Saskatchewan. As well, during the fourth quarter of 2011 new Leon's\n franchise locations had grand openings in Bathurst, New Brunswick; and\n Drummondville, Quebec, our first franchise located in Quebec.\n\n\nIn addition to these new locations, the Company and our existing\n franchisees continue to replace, renovate and expand existing stores in\n order to serve our customers better. Renovations are well underway in\n our Sudbury and Sault Ste. Marie, Ontario corporate stores. Our\n Trenton, Ontario franchise recently completed a renovation of their\n store and a renovation and expansion will commence shortly at our\n Simcoe, Ontario franchise. Our Kentville franchise has recently\n completed construction of a new and larger replacement store in\n Coldbrook, Nova Scotia. Finally, construction has started for a brand\n new franchise store to replace our existing St. John, New Brunswi...