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LFL, Canada's Largest Home Retailer, Releases Results for the Quarter Ended December 31, 2024; Full year normalized EPS up 5.4%
Toronto, Ontario--(Newsfile Corp. - February 25, 2025) - Leon's Furniture Limited ( TSX: LNF ) ("...
About this update from Leon's Furniture Limited
[{"type":"text","content":"LFL, Canada's Largest Home Retailer, Releases Results for the Quarter Ended December 31, 2024; Full year normalized EPS up 5.4%Toronto, Ontario--(Newsfile Corp. - February 25, 2025) - Leon's Furniture Limited (TSX: LNF) (\"LFL\" or the \"Company\"), today announced financial results for the quarter ended December 31, 2024.Financial Highlights - Q4-2024These comparisons are with Q4-2023 unless stated otherwise.System-wide sales were $806.2 million, a decrease of 3.2%. Year-to-date system-wide sales increased 1.3%.Revenue was $666.7 million, a decrease of 2.9%, mainly due to reduced furniture inventory caused by industry-wide overseas shipping delays.Same store sales decrease(1) of 3.2%.Gross profit margin was 45.85%, a 91-basis points increase driven by rate improvements in the furniture and appliance categories, and favourable business mix.Adjusted net income(1) totaled $67.4 million, an increase of 37.8%. The Company recorded a one-time pre-tax net gain of $23.4 million related to the settlement of a legal dispute with CURO Group Holdings Corp regarding its insurance business. Excluding this gain, adjusted net income rose $1.1 million or 2.2% compared to the same quarter last year.On December 31, 2024, unrestricted liquidity was $513.2 million, comprised of cash, cash equivalents, debt and equity instruments and the undrawn revolving credit facility.To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/4576/242297_fourth%20quarter%20-%206%20year%20financial%20performance%20of%20lfl.png(1) For a full explanation of the Company's use of non-IFRS and supplementary financial measures, please refer to the sections of this press release with the headings \"Non-IFRS Financial Measures\" and \"Supplementary Financial Measures\".Financial Highlights - Year Ended December 31, 2024.These comparisons are with the 2023 fiscal year unless stated otherwise.System-wide sales were $3,005.9 million, an increase of 1.3%.Revenue was $2,498.5 million, an increase of 1.8%.The Company generated furniture category growth of 2.3%.Same store sales increase(1) of 1.5%.Gross profit margin was 44.39%, higher by 26 basis points primarily due to a favorable mix shift towards the higher-margin rate furniture category rate and a greater mix of furniture sales.Adjusted net income(1) totaled $150.9 million, an incre...