Leon's Furniture Limited Reports 3.9% Same Store Sales Increase

Furniture World Magazine

For the three months ended December 31, 2006, total Leon's sales were $236,766,000 including $56,658,000 of franchise sales ($224,779,000 including $54,535,000 of franchise sales in 2005), an increase of 5.3% and net income was $20,712,000, $1.17 per common share ($19,658,000, $1.11 per common share in 2005), an increase of 5.4% per share. "In our fourth quarter 2006," said a company spokesperson, "we continued to see good growth in sales and profits over the prior year. We had a very successful grand opening of a new warehouse and showroom in Saskatoon, Saskatchewan and same store corporate sales were up 3.0% for the quarter." For the year ended December 31, 2006, total Leon's sales were $768,453,000 including $177,167,000 franchise sales ($720,787,000 including $173,043,000 franchise sales in 2005), an increase of 6.6%. Net income was $53,602,000, $3.03 per common share ($48,964,000, $2.73 per common share in 2005), an increase of 11% per share. Same store corporate sales were up 3.9% over the prior year. Overall, Leon's Furniture Limited continued to increase sales and grow profits in 2006. In the fourth quarter 2006, they continued to see good growth in sales and profits over the prior year and had a very successful grand opening of a new warehouse and showroom in Saskatoon, Saskatchewan. Same store corporate sales were up 3.0% for the quarter. For the year ended December 31, 2006, total Leon's sales were $768,453,000 including $177,167,000 franchise sales ($720,787,000 including $173,043,000 franchise sales in 2005), an increase of 6.6%. Net income was $53,602,000, $3.03 per common share ($48,964,000, $2.73 per common share in 2005), an increase of 11% per share. Same store corporate sales were up 3.9% over the prior year. Major renovations are underway for existing stores in Kitchener, Ontario and Calgary, Alberta, scheduled for completion by the summer of 2007. A new warehouse and showroom in Newmarket, Ontario will open in March 2007. As well, a new showroom and warehouse in Longueuil, Quebec has commenced and should be completed by the fall of 2007.