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Place de cotation: TORONTO

Leon's Furniture Limited (Leon’s) is a retailer of home furnishings across Canada from Alberta to Newfoundland and Labrador. As of December 31, 2010, the Company owned a chain of 37 retail furniture stores operating as Leon’s Furniture Home Super Stores and two retail stores under the brand Appliance Canada. The Company has 25 franchisees operating 30 franchise stores. Leon’s operates two showrooms in the Province of Ontario under the banner Appliance Canada, which sell appliances and electronics to home builders and landlords, as well as merchandise to the public. Leon’s also owns commercial real estate, which it leases to third parties. Its main product lines consists of home furnishings, major appliances and home electronics, which include accessories, dining rooms, occasional furniture, microwaves, dryers, satellite systems and home theaters. The Company’s subsidiaries include Murlee Holdings Limited, Leon Holdings (1967) Limited and Ablan Insurance Corporation.

http://www.leons.ca

Leon's Furniture Limited Releases Financial Results for the Third Quarter Ended September 30, 2017
        
TORONTO, Nov. 14, 2017 /CNW/ - Leon's Furniture Limited ("Leon's" or the "Company") (TSX: LNF), today announced financial results for the third quarter 2017.

Highlights – Q3 2017

Total system wide sales1 grew 4.7% to $705,683,000 in Q3-2017 compared to $673,897,000 in Q3-2016.
Revenue grew 3.3% to $594,589,000 in Q3-2017 compared to $575,724,000 in Q3-2016.
Adjusted net income1 increased by 9.9% to $34,392,000 in Q3-2017 compared to $31,300,000 in Q3-2016.
Adjusted EBITDA1 increased 5.0% to $59,029,000 in Q3-2017 compared to $56,202,000 in Q3-2016.
Adjusted diluted earnings per share1 grew 7.7% to $0.42 in Q3-2017 compared to $0.39 in Q3-2016.
Highlights – nine months ended September 30th

Total system wide sales1 grew 4.9% to $1,915,831,000 year to date September 2017 compared to $1,826,832,000 year to date September 2016.
Revenue grew 3.9% to $1,616,361,000 year to date September 2017 compared to $1,555,355,000 year to date September 2016.
Adjusted net income1 increased by 20.9% to $62,902,000 year to date September 2017 compared to $52,017,000 year to date September 2016.
Adjusted EBITDA1 increased 9.4% to $123,198,000 year to date September 2017 compared to $112,661,000 year to date September 2016.
Adjusted diluted earnings per share1 grew 20.0% to $0.78 year to date September 2017 compared to $0.65 year to date September 2016.
1Refer to the non-IFRS financial measures section of this press release

"We are very proud of our management team and associates for generating outstanding operating performance," said Edward Leon, President and Chief Operating Officer. "Our proven strategy drove record sales in Q3, while a focus on cost control once again produced strong bottom-line growth over a solid 2016 comparison quarter. Leon's has a track record of generating results for shareholders. In over 100 years of operation, through various economic conditions,  Leon's has consistently produced profits. We are even more pleased that our profits in Q3, as well as in the first nine months of 2017, are at record levels for the Company. We are well-positioned for the future with a dominant, national bricks and mortar presence (304 stores), an industry-leading distribution network and rapidly growing  ecommerce business. Our home service subsidiary, Trans Global Service (TGS), with technicians from coast to coast, are well positioned to serve the current and future in-home service needs of all Canadian consumers. We have further room to grow and drive cost savings throughout our network. In October, we announced the opening of a state-of-the-art 432,000 sq. ft. distribution centre in Delta, British Columbia which we expect will generate further efficiencies as we grow our west coast presence and serve as a model for the rest of our network."

The Company also announced today the retirement of Mr. Dominic Scarangella, the current Chief Financial Officer and Executive Vice President of The Company, effective December 31, 2017. We wish to sincerely thank Dominic for thirty (30) years of service and friendship. Mr. Constantine (Costa) Pefanis, who has worked under Dominic for the past thirteen (13) years has been appointed to replace him as Chief Financial Officer effective January 1, 2018.


 

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