LEON’S FURNITURE LTD. $11.50 (Toronto symbol LNF; TSINetwork Rating: Average) (416-243-7880; www.leons.ca; Shares outstanding: 70.0 million; Market cap: $805.0 million; Dividend yield: 3.5%) has built its chain of over 76 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 June 30, 2012, Leon’s sales fell 1.1%, to $162.1 million from $163.9 million a year earlier. Weaker consumer spending and a drop in new-housing starts held back sales.
Earnings fell 19.8%, to $9.0 million, or $0.13 a share, from $11.2 million, or $0.16 a share. The slower sales were the main reason for the earnings decline. The company also spent more on advertising.
Leon’s plans to continue its expansion by opening about five new stores a year over the next five years. It has now purchased land for four of these outlets. These stores will be in Orangeville, Ontario; Brantford, Ontario; Sherbrooke, Quebec; and Rocky View County, Alberta, which is just north of Calgary. Leon’s plans to open these locations later this year and into 2013.
The company has no debt and holds cash of $182.7 million, or $2.61 a share. The stock yields 3.5%.
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