Business
Leon's Furniture Releases Financial Results for the Second Quarter and Six Months Ended June 30, 2015
TORONTO , Aug. 14, 2015 /CNW/ - Leon's Furniture Limited (" Leon's " or the " C...
About this update from Leon's Furniture Limited
[{"type":"text","content":"\n\nTORONTO, Aug. 14, 2015 /CNW/ - Leon's Furniture Limited (\"Leon's\" or the \"Company\") (TSX: LNF), today announced financial results for the three and six months ended June 30, 2015. \n\nAll figures in CAD thousands unless otherwise noted. \n\nHighlights – Q2 2015 \n\n\nSame-store sales grew 1.7% in Q2-2015. \nTotal system wide sales grew 1.9% to $572,113 in Q2-2015 compared to $561,438 in Q2-2014. \nRevenue grew 2.1% to $484,281 in Q2-2015 compared to $474,517 in Q2-2014. \nDrove operating expense efficiencies, primarily in the reduction of third party delivery/fuel costs. \nDiluted earnings per share of $0.19 in Q2-2015 compared to $0.21 in Q2-2014. \nHighlights – six months ended June 30th \n\n\nSame-store sales grew 0.8% in the first six months of 2015. \nTotal system wide sales grew 0.6% to $1,075,768 in the first six months of 2015 compared to $1,069,840 in the first six months of 2014. \nRevenue grew 0.8% to $907,318 in the first six months of 2015 compared to $900,526 in the first six months of 2014. \nDiluted earnings per share of $0.25 in the first six months of 2015 compared to $0.24 in in the first six months of 2014. \n\"We are pleased with the performance we generated in the second quarter,\" said Edward Leon, President and Chief Operating Officer of Leon's. \"Although we experienced lower gross margins as a result of the decline in the Canadian dollar and aggressive marketing, we are growing same-store sales in a challenging environment and executing on the operating expense efficiencies we identified when we acquired The Brick two years ago. We are well-positioned to drive value for shareholders as we execute against our top-line growth strategy and generate further synergies.\" \n\n\"In May we announced some key changes to our senior leadership team and we are already benefitting from this decision,\" added Terry Leon, Chief Executive Officer of Leon's. \"With Mike Walsh in charge of Leon's and Jim Caldwell responsible for The Brick, we have dedicated presidents driving division-level performance for the first time in this organization's history. This structure will reinforce the differentiated market position of our primary banners and free-up senior management resources to achieve synergies and execute on growth opportunities within our complimentary portfolio of businesses over th...