Leon’s builds big in B.C.

Article Excerpt

LEON’S FURNITURE LTD. $18.45 (Toronto symbol LNF; TSINetwork Rating: Average) (416-243-7880; www.leons.ca; Shares outstanding: 72.3 million; Market cap: $1.4 billion; Dividend yield: 2.6%) recently opened its stateof- the-art 432,346-square-foot distribution centre in Delta, B.C. That facility is the largest capital investment the company has made in a single property and it significantly increases Leon’s capacity in the province. Two existing warehouses in B.C. were consolidated into the Delta centre. The new distribution hub is expected to generate cost savings and efficiencies over the next several years as the company’s online and bricks-andmortar businesses in B.C. continue to grow. Leon’s owns 50% of the facility, with Beedie Development of Vancouver holding the other 50%. Combined, they invested $65 million. Leon’s Furniture is a buy. buy…