Furniture retailer Leon's reports third-quarter profit up from year ago

TORONTO – Leon’s Furniture Ltd. (TSX:LNF) has reported earnings of $21.3 million in the latest quarter as it continues working to integrate operations with the Brick chain of stores it acquired this year.

The company said Thursday the profit amounted to 27 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $13.1 million or 18 cents per share a year ago.

Revenue totalled $528.6 million, up from $174.2 million, due to the acquisition of the Brick, which continues to operate under its own banner.

Same-store sales, including the various Brick banners, were down one per cent.

“The management teams are working closely together to leverage the best practices of each for the benefit of the entire company,” Leon’s said in a statement.

“We have made good progress on the integration to date and continue to identify more opportunities to realize on the benefits of this acquisition.”

The acquisition increased Leon’s store total to 311, including more than 170 Brick corporate and franchised stores.