Leon's Furniture fourth-quarter profit and sales up from last year

TORONTO – Leon’s Furniture Ltd. (TSX:LNF) earned $26 million in its latest quarter as the acquisition of the Brick chain of stores last year helped more than double revenues.

The furniture retailer said Thursday that the profit amounted to 33 cents per diluted share for the quarter ended Dec. 31 compared with a profit of $16.1 million or 22 cents per diluted share a year earlier.

Revenue increased to $523 million from $188.5 million in the last three months of 2012, while same-store corporate sales fell 2.1 per cent.

Leon’s closed its purchase of the Brick last March in a deal valued at about $700 million.

The deal helped make it one of the largest retailers of furniture, appliances and electronics in Canada, with more than 300 stores, including over 100 franchise locations.

For the full year, Leon’s earned $67.2 million or 87 cents per diluted share on $1.69 billion in revenue. That compared with a profit of $46.8 million or 65 cents per diluted share on $682.2 million in revenue in 2012.

Same store sales were down 1.6 per cent.