TORONTO -- Leon's Furniture Ltd. (TSX:LNF) has reported an 11.8 per cent increase in fourth-quarter net income as sales at both corporate and franchise stores improved.
The Toronto-based furniture, appliance and electronics retailer that also operates The Brick chain, says net income was $29.9 million or 38 cents per diluted share in the three months ended Dec. 31.
That was up from $26.3 million or 34 cents in the prior-year quarter, the company said in an earnings release issued after markets closed.
System-wide sales in the fourth quarter were $649.4 million, including $107.2 million of franchise sales, up from $633.8 million, including $110.8 million of franchise sales in 2013.
Same-store corporate sales increased by 4.3 per cent year over year in the quarter.
For the year ended December 31, 2014, total system wide sales were $2.35 billion, including almost $374 million in franchise sales, versus $2.04 billion, including $344.8 million of franchise sales, in 2013.
Full-year net income was $75.5 million or 96 cents per diluted share, up from $68.4 million or 89 cents in 2013, an increase of 7.9 per cent per share.
These report included results of The Brick since March 28, 2013.
The company said it was pleased with the results for both the quarter and the year, especially by the growth in same-store sales in the most recent quarter.
"Integration and synergies between The Brick and Leon's divisions are progressing as planned," it said. "We are also pleased to confirm that we are in the early stages of a 15 month implementation of a new computer system that will result in improved efficiencies in the operations of both divisions."
