Business
LFL, Canada's Largest Home Retailer, Releases Record Revenue for the Year Ended December 31, 2022
Toronto, Ontario--(Newsfile Corp. - February 22, 2023) - Leon's Furniture Limited ( TSX: LNF ) ("...
About this update from Leon's Furniture Limited
[{"type":"text","content":"LFL, Canada's Largest Home Retailer, Releases Record Revenue for the Year Ended December 31, 2022Toronto, Ontario--(Newsfile Corp. - February 22, 2023) - Leon's Furniture Limited (TSX: LNF) (\"LFL\" or the \"Company\"), today announced financial results for the year ended December 31, 2022.Financial Highlights - year ended December 31, 2022Achieved another $2.5 billion revenue year, maintaining record results despite our challenging economic environment.Total system-wide sales were $3.1 billion and remained comparable to the year ended 2021, however as compared to the pre-pandemic year ended 2019, the Company's total system-wide sales have increased $324.4 million or 11.9%.The Company achieved gross profit margin of 44.06% compared to 44.10% in the prior year, which was attained while significantly lowering on-hand levels of inventory during the last three months of the year. eCommerce sales were $245 million in the year, which represents 9.7% of the Company's sales and continues to run well above pre-pandemic levels.Achieved adjusted diluted earnings per share of $2.60 which is similar to last year.On a pre-pandemic basis, the adjusted diluted earnings per share increased from $1.30 for the year ended December 31, 2019, to $2.60 in the current year, representing an increase of 100%.Given that the COVID-19 pandemic has altered economic conditions over recent years, a five-year review of the Company's historical financial performance is more meaningful to illustrate the Company's results.5 Year Financial Performance of LFLCannot view this image? Visit:https://images.newsfilecorp.com/files/4576/155610_chart1.jpgFinancial Highlights - Q4-2022Total system sales achieved in the quarter were $804.4 million compared to $820.5 million in Q4-2021. However, when comparing to the pre-pandemic quarter ended December 31, 2019, total system sales has increased $53.1 million or 7.1%.Achieved revenue of $661.2 million in Q4-2022 in comparison to $669.8 million in Q4-2021.Same store sales(1) decreased 1.0% to $646.0 million, in comparison to Q4-2021.Mike Walsh, President and CEO of LFL commented, \"During 2022, our LFL team continued to execute in a progressively more challenging macro and customer environment. For the year, we generated $3.1 billion in total system-wide sales and $2.60 in adjusted diluted earnings per share, both similar to the...