TORONTO — Leon's Furniture Ltd. says it earned a record $63.8 million in its latest quarter, up from $49.1 million a year earlier, as revenue also set a record high.
The furniture retailer that includes the Leon's and Brick banners says the profit amounted to 81 cents per diluted share for the quarter ended Sept. 30 compared with a profit of 60 cents per diluted share a year ago.
The growth came as total system-wide sales rose to $825.5 million from $762.8 million, while revenue totalled $683.2 million, up from $630.8 million in the same quarter last year. Same-store sales in the quarter were up 9.7 per cent compared with a year ago.
Leon's CEO Mike Walsh says the quarter saw the best top line results in the company's history, as well as record profitability.
On an adjusted basis, Leon's says it earned 77 cents per diluted share in its most recent quarter compared with an adjusted profit of 61 cents per diluted share a year ago.
Analysts on average had expected an adjusted profit of 73 cents per share, according to financial markets data firm Refinitiv.
This report by The Canadian Press was first published Nov. 10, 2021.
Companies in this story: (TSX:LNF)
The Canadian Press