LEON’S FURNITURE LTD. $14.00 (Toronto symbol LNF; TSINetwork Rating: Average) (416-243-7880; www.leons.ca; Shares outstanding: 71.2 million; Market cap: $996.6 million; Dividend yield: 2.9%) has steadily opened new stores, growing from 27 in 2003 to 80 today.
However, the company more than quadrupled in size overnight with its March 2013 purchase of its main rival, The Brick, for $700 million. The Brick has 223 locations across Canada; the chains continue to operate separately.
In the three months ended June 30, 2015, the company’s sales rose 2.1%, to $484.3 million from $474.5 million a year earlier. On a same-store basis, sales gained 1.7%.
However, earnings fell 11.7%, to $15.0 million, or $0.21 a share, from $17.0 million, or $0.24. Earnings fell even with the higher sales because of increased occupancy costs, including property taxes and repair and maintenance expenses. The year-ago quarter also included significant property tax refunds. These factors offset the savings from merging with The Brick.
Growth by acquisition can be risky, especially with a deal as big as the Brick purchase. However, the integration is going well, and the move enhances the company’s long-term prospects. The shares yield 2.9%.
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