Leon's Furniture Releases Financial Resultsdate: 5/17/2017
Leon's Furniture Releases Financial Results for the First Quarter Ended March 31, 2017
TORONTO, May 11, 2017 /CNW/ - Leon's Furniture Limited ("Leon's" or the "Company") (TSX: LNF), today announced financial results for the first quarter 2017.
Highlights – Q1-2017
- Total system wide sales1 grew 5.0% to $573,988,000 in Q1-2017 compared to $546,483,000 in Q1-2016.
- Revenue grew 4.5% to $484,189,000 in Q1-2017 compared to $463,447,000 in Q1-2016.
- Adjusted net income1 increased by 65.2% to $8,543,000 in Q1-2017 compared to $5,170,000 in Q1-2016.
- Adjusted EBITDA1 increased 13.5 % to $24,006,000 in Q1-2017 compared to $21,158,000 in Q1-2016.
- Adjusted diluted earnings per share1 grew 57.1% to $0.11 in Q1-2017 compared to $0.07 in Q1-2016.
- Same store corporate sales1 increased by 1.2% in Q1-2017.
1Refer to the non-IFRS financial measures section of this press release
"In Q1, the consistent execution of our strategy continued to generate solid sales growth and strong growth in adjusted diluted earnings per share", said Edward Leon, President and Chief Operating Officer of Leon's. "Over the past fifteen months we have implemented new marketing and merchandising strategies, which are successfully growing traffic at the store level. In addition, we have been working on improving the professionalism of our Sales Associates which has resulted in a better and more effective experience for our customers. Our Q1 results highlight that with single-digit top line growth, and a persistent focus on cost control, we can drive significant growth in profitability. Leon's is Canada's largest furniture, appliance and electronics retailer. With our established brands and coast-to-coast retail and distribution network, we are well-positioned to gain market share in a fragmented industry. We are confident that the judicious implementation of our strategy will continue to drive significant value for shareholders in the years to come."