LEON’S FURNITURE LTD. $9.86 (Toronto symbol LNF; SI Rating: Average) (416-243-7880; www.leons.ca; Shares outstanding: 70.8 million; Market cap: $697.6 million) has built its chain of over 66 furniture stores on its four main strengths: a huge selection of furniture, appliances and electronics; a lowest-price guarantee; strong after-sales service; and aggressive TV, radio and print advertising.
In the three months ended September 30, 2009, Leon’s revenue fell 7.7%, to $187.4 million from $203.0 million. Earnings per share fell 12%, to $0.22 from $0.25.
Leon’s revenue mainly fell because many consumers are putting off buying new furniture because of the weak economy. Still, the company gained market share, mainly because it advertised heavily to promote its 100th anniversary. This likely helped Leon’s keep its revenue drop small.
The company’s advertising expenses were higher. The rising Canadian dollar also pushed up the cost of imported furniture. These were the main reasons why Leon’s earnings fell more than its revenue.
The company has no long-term debt, and holds…
Privacy Policy and Terms of Use
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