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LFL, Canada's Largest Home Retailer, Releases Results for the Quarter Ended June 30, 2024; Same Store Sales Increase of 3.6%; Dividend Increase of 11.1%
Toronto, Ontario--(Newsfile Corp. - August 8, 2024) - Leon's Furniture Limited (TSX: LNF) (" LF...
About this update from Leon's Furniture Limited
[{"type":"text","content":"LFL, Canada's Largest Home Retailer, Releases Results for the Quarter Ended June 30, 2024; Same Store Sales Increase of 3.6%; Dividend Increase of 11.1%Toronto, Ontario--(Newsfile Corp. - August 8, 2024) - Leon's Furniture Limited (TSX: LNF) (\"LFL\" or the \"Company\"), today announced financial results for the quarter ended June 30, 2024.Financial Highlights - Q2-2024These comparisons are with the 2023 second quarter unless stated otherwise.System-wide sales for the second quarter 2024 were $742.1 million, an increase of 3.4%.Revenue for the second quarter 2024 was $617.7 million, an increase of 4.0%.Same store sales increase(1) of 3.6%.Successfully maintained gross profit margin levels at 43.9% in a challenging macro and consumer environment.Adjusted net income(1) for the quarter totaled $29.9 million, an increase of 6.8%.Adjusted diluted earnings per share(1) of $0.44, an increase of 7.3%.On June 30, 2024, unrestricted liquidity was $346.0 million, comprised of cash, cash equivalents, debt and equity instruments and the undrawn revolving credit facility.Second Quarter - 6 Year Financial Performance of LFLTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/4576/219135_leons_figure1.jpg(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\".Mike Walsh, President and CEO of LFL commented, \"LFL continued to deliver strong top and bottom-line results during the second quarter, with system-wide sales up 3.4% and adjusted diluted EPS up 7.3%. I am exceptionally proud of our team's ability to drive volume while maintaining margins in a highly promotional consumer environment with continued macro headwinds related to supply chain and foreign exchange. We expect many of these headwinds to persist in the second half of the year, impacting all players in our industry. We will continue to anchor on our strategic inventory management, targeted promotional activities and comprehensive omnichannel approach to deliver the consistent value that customers are seeking in this environment.\"Summary financial highlights for the three months ended June 30, 2024 and June 30, 2023For the  Three months e...