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Leon's Reports Same Store Sales Decrease For Quarter

Furniture Industry News Update - Furniture World Magazine

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Article Summary: Same store sales were down 0.7% from the prior year first quarter. Major renovations are underway and new store construction is planned.

Leon's reported that for the three months ended March 31, 2012, total Leon's sales were $200,651,000 including $43,220,000 of franchise sales ($191,592,000 including $40,809,000 of franchise sales in 2011), an increase of 4.7%.

Same store sales were down 0.7% from the prior year first quarter. Net income was $8,599,000, $0.12 per common share ($10,293,000, $0.15 per common share in 2011). The profit decrease in the quarter compared to the prior quarter was mainly due to higher marketing expenses and opening costs related to four new stores that were opened in the latter part of 2011.

Major renovations are well underway in the Sudbury and Sault Ste. Marie, Ontario corporate stores. The Kentville franchise has recently opened a new and larger replacement store in Coldbrook, Nova Scotia. Construction has also started for a brand new franchise store to replace our existing St. John, New Brunswick store.

Finally, the Company has secured sites for four new corporate stores in: Orangeville and Brantford, Ontario; Sherbrooke, Quebec; and Rocky View County, Alberta, which is just north of Calgary. The current plan is to open these locations during the latter part of 2012 and in 2013.

About Leon's Furniture: Leon's Furniture Limited has been in the furniture retail business for over 100 years. The Company's 43 corporate and 32 franchise stores can be found in every province across Canada except British Columbia. Main product lines sold at retail include furniture, appliances and electronics.

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