Business
LFL, Canada's Largest Home Retailer, Releases Results for the Quarter Ended March 31, 2024; Same-Store Sales Increase of 9.0%
Toronto, Ontario--(Newsfile Corp. - May 8, 2024) - Leon's Furniture Limited (TSX: LNF) (" LFL "...
About this update from Leon's Furniture Limited
[{"type":"text","content":"LFL, Canada's Largest Home Retailer, Releases Results for the Quarter Ended March 31, 2024; Same-Store Sales Increase of 9.0%Toronto, Ontario--(Newsfile Corp. - May 8, 2024) - Leon's Furniture Limited (TSX: LNF) (\"LFL\" or the \"Company\"), today announced financial results for the quarter ended March 31, 2024.Financial Highlights - Q1-2024These comparisons are with the 2023 first quarter unless stated otherwise.System-wide sales for the first quarter 2024 were $677.7 million, an increase of 8.3%.Revenue for the first quarter 2024 was $562.3 million, an increase of 9.6%.Same store sales increase(1) of 9.0%.Gross profit margin in the quarter increased 52 basis points to 43.87%.Adjusted net income(1) for the quarter totaled $16.4 million, an increase of 27.1%.Adjusted diluted earnings per share(1) of $0.24, an increase of 26.3%. On March 31, 2024, unrestricted liquidity was $374.2 million, comprised of cash, cash equivalents, debt and equity instruments and the undrawn revolving credit facility.First Quarter - 6 Year Financial Performance of LFLTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/4576/208307_leonstable1.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, \"I am immensely proud of our team's performance in the first quarter. In an environment that is proving challenging for many organizations in our sector, LFL generated outstanding top and bottom-line results, with system-wide sales up 8.3%, and adjusted diluted EPS growing by 26.3%. Our success at retail during the quarter was a direct result of the strategic decisions we made over a year ago to position the company for a value-focused environment. This further validates our consistent strategy to concentrate on driving higher returns on our existing assets, through four-wall execution, omnichannel, and ancillary businesses, while only growing square footage where it truly makes sense to do so. With unmatched scale in our sector across omnichannel and distribution, underpinned by a rock-solid balance sheet with $374 million in unrestricted liquidity, LFL is positioned to continue gaini...