Business
Leon's Furniture Limited - 2014 Second Quarter
TORONTO , Aug. 14, 2014 /CNW/ - For the three months ended June 30, 2014 , total system...
About this update from Leon's Furniture Limited
[{"type":"text","content":"\n\n\nTORONTO, Aug. 14, 2014 /CNW/ - For the three months ended June 30, 2014,\n total system wide sales were $561,438,000 which includes $474,517,000\n of corporate sales and $86,921,000 of franchise sales ($573,381,000\n which includes $480,559,000 of corporate sales and $92,822,000 of\n franchise sales in 2013). Overall same store sales were down 1.3% from\n the prior year second quarter. Net income was $16,524,000, $0.23 per\n common share ($14,445,000, $0.20 per common share in 2013), an increase\n of 15.0% per common share. We are pleased to announce that our earnings\n per share were a record high for a second quarter.\n\n\nFor the six months ended June 30, 2014, total system wide sales were\n $1,069,840,000 which includes $900,526,000 of corporate sales and\n $169,314,000 of franchise sales ($776,936,000 which includes\n $643,017,000 of corporate sales and $133,919,000 of franchise sales in\n 2013) and net income was $17,342,000, $0.25 per common share\n ($19,869,000, $0.28 per common share in 2013), a decrease of 10.7% per\n common share. These prior year comparisons only include The Brick sales\n from the date of acquisition, being March 28, 2013.\n\n\nOverall, we are pleased with the improvement in profits in the second\n quarter of 2014 when compared to the first quarter of 2014 and second\n quarter of 2013. The integration of e-commerce systems between The\n Brick and Leon's divisions is progressing as expected. As well, we are\n making good strides on a new computer system to be implemented over the\n next 18 months that will result in improved efficiencies in the\n operations of both divisions.\n\n\nIn the second quarter of 2014, we had grand openings at two new\n franchises; Bridgewater and Yarmouth, Nova Scotia. With respect to new\n stores, construction is scheduled to begin this year on a new 90,000\n square foot Leon's Furniture warehouse and showroom in the Calgary\n area.\n\n\nAs previously announced, we paid a quarterly 10¢ dividend on July 7,\n 2014. Today we are happy to announce that the Directors have declared a\n quarterly dividend of 10¢ per common share payable on the 6th day of October 2014 to shareholders of record at the close of business\n on the 5th day of September 2014. As of 2007, dividends paid by Leon's Furniture\n Limited are \"eligible dividends\" pursuant to the changes to the...