LEON’S FURNITURE LTD. $15.18 (Toronto symbol LNF; TSINetwork Rating: Average) (416-243-7880; www.leons.ca; Shares outstanding: 71.1 million; Market cap: $1.1 billion; Dividend yield: 2.6%) 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 220 locations across Canada; the chains continue to operate separately.
In the three months ended March 31, 2015, the company’s sales fell slightly, to $423.0 million from $426.0 million a year earlier. On a same-store basis, sales declined 0.1%.
Earnings jumped 207.3%, to $4.1 million, or $0.06 a share, from $1.3 million, or $0.02. Earnings rose much more quickly than sales because lower fuel prices have cut the company’s delivery costs. Leon’s is also seeing more savings from merging overlapping operations 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 2.6%.
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