TORONTO – Furniture and appliance retailer Leon’s Furniture Ltd. (TSX:LNF) has reported higher net income in the second quarter but lower overall sales.
The company said net income in the latest period was $16.5 million or 23 cents per share, compared with $14.4 million or 20 cents per share in the same quarter last year.
Total system-wide sales, which include corporate and franchise sales, were $561.4 million, down from $573.3 million year-over-year.
Overall same-store sales, which refers to stores that have been open for at least a year, were down 1.3 per cent from the same quarter of 2013.
The company said the integration of e-commerce systems between The Brick and Leon’s divisions is progressing and it’s making strides on a new computer system that will be put in place over the next 18 months to improve efficiencies in the operations of both divisions.
Leon’s has more than 300 corporate and franchise stores across Canada under several banners including Leon’s, The Brick, Appliance Canada and United Furniture Warehouse.