Leon's Furniture Limited - Reports Sales Increase

Furniture World News Desk on 3/3/2015

Leon's Furniture Limited announced its results for the fourth quarter 2014 and the full year 2014. For the three months ended December 31, 2014 , total system wide sales were $649,386,000 , including $107,180,000 of franchise sales ( $633,870,000 including $110,846,000 of franchise sales in 2013).

Same store corporate sales increased by 4.3% compared to the prior year. Net income was $29,914,000 , $0.42 per common share ( $26,334,000 , $0.37 per common share in 2013). Net income per fully diluted common share for 2014 was $0.38 ( $0.34 per fully diluted common share in 2013), an increase of 11.8% per share. Earnings per share for the fourth quarter 2014 and the year were a record high.

For the year ended December 31, 2014 , total system wide sales were $2,348,376,000 including $373,959,000 franchise sales ( $2,039,428,000 including $344,785,000 franchise sales in 2013).

Same store sales increased 0.4% compared to the prior year. Net income was $75,524,000 , $1.07 per common share ( $68,392,000 , $0.97 per common share in 2013). Net income per fully diluted common share for 2014 was $0.96 ( $0.89 per fully diluted common share in 2013), an increase of 7.9% per share. These figures include the results of The Brick Limited since March 28, 2013 .

Company Statement:

"We are pleased with the increase in profits for both the fourth quarter and 2014 when compared to the prior year. We are also very encouraged by the increase in same store sales for the fourth quarter and year when compared to 2013. Integration and synergies between The Brick and Leon's divisions are progressing as planned. We are also pleased to confirm that we are in the early stages of a 15 month implementation of a new computer system that will result in improved efficiencies in the operations of both divisions.

"The Directors are pleased to declare a quarterly dividend of 10¢ per common share, payable on April 9, 2015 to the shareholders of record at the close of business on March 9, 2015 . Dividends paid by Leon's Furniture Limited are "eligible dividends" pursuant to the changes to the Income Tax Act under Bill C-28, Canada."